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  • Department Stores Evolve into Cultural Spaces with Art Exhibitions
    Department Stores Evolve into Cultural Spaces with Art Exhibitions Department stores are increasingly resembling art galleries. Spaces once dominated by cosmetics and luxury goods are now showcasing paintings and crafts, while rooftop gardens and store corridors have transformed into exhibition areas. Customers can spend time in department stores without making a purchase, enjoying art, scents, and photo opportunities. As online shopping becomes the norm, physical stores are competing not just on what they sell, but on what experiences they offer. According to industry sources, Lotte Department Store has enhanced its art offerings with sensory experiences. The 'Urban Symphony' exhibition at the Avenue L Jamsil location, running until August 2, features media and painting works centered on the emotions of modern urban life. Artists Koo Gi-jung and Koo Ji-yoon present media installations and abstract paintings, respectively. The exhibition space is not limited to artworks. Lotte has collaborated with the niche fragrance brand 'Liberty Beauty' to infuse the entire area with scents reminiscent of summer, allowing visitors to experience the atmosphere of the exhibition through fragrance. At the main Avenue L location, the 'Mindscape Gardener' exhibition, featuring Eastern painter Jeong Yu-mi and Western painter Jeong In-hye, runs until August 24. Instead of confining artworks to a separate gallery, pieces are strategically placed throughout the store, allowing customers to encounter art naturally as they shop. At the Gangnam location, the premium concept store The Conran Shop is hosting its first exhibition-style pop-up for the Italian tableware brand 'Ginori 1735.' This approach showcases the brand's history and craftsmanship in a manner akin to an exhibition, moving beyond mere product displays. Lotte Department Store emphasizes creating a sensory experience by combining art, fragrance, interior design, and merchandise. Shinsegae Department Store is integrating galleries, architectural spaces, and traditional Korean culture. The Gangnam location recently opened its first standalone gallery on the 1M floor, featuring a solo exhibition titled 'Plane Conditions' by first-generation Korean Dansaekhwa artist Choi Myung-young. The exhibition includes 18 paintings and drawings, as well as archival materials from the 1960s and 1970s. 'Plane Conditions' will run until September 9. Historically, the Gangnam location has built its competitiveness around luxury goods and gourmet offerings. By adding a formal gallery, it has created a structure where shopping, dining, and art appreciation can all occur in one space. The 11th-floor S Garden features a 'Garden of Light' that reflects sunlight through prisms, providing a picturesque spot for families and couples to take photos. The 'Heritage' at the Seoul flagship store utilizes the entire building as an exhibition space. A solo exhibition titled 'The Origin of Space' by artist Park Seon-ki is on display in the 4th-floor museum and 5th-floor central garden until September 13. The centerpiece is a large installation that shapes the framework of a traditional Korean house using charred charcoal. Visitors can walk among the charcoal structures, experiencing the formation and dispersal of shapes up close. In the same space, the exhibition 'Scenery of White' by artist Kim Ik-young, who has led the popularization of modern Korean white porcelain, is also ongoing. Visitors can view around 70 to 80 representative sculptural works and everyday ceramics for free. Shinsegae aims to establish 'The Heritage' as a cultural hub in Myeongdong by diversifying genres, including photography, media art, traditional crafts, and ceramics. Hyundai Department Store operates specialized exhibition spaces, children's art museums, and craft pop-ups. The cultural space 'Alt1' on the 6th floor of The Hyundai Seoul is hosting a special exhibition titled 'Banksy, Still Here' featuring over 110 prints and objects until November 3. At the Pangyo location, the Hyundai Children's Book Art Museum is running a photography exhibition titled 'World of Photography' until November 1. This exhibition introduces photography as a medium for storytelling through works and art prints from 14 domestic and international artists. There are also interactive programs for children to connect photography with writing or to create their own backgrounds and props for shooting. At the Sinchon location, a pop-up called 'Soyeonhoe' showcases and sells works from five domestic craft artists. From Yoon Sang-yo's Go game cups to Joo Jin-hyung's sculptures, a variety of craft items at different price points are available in one place, allowing customers to view and purchase artists' works without needing to visit a separate gallery. Three Department Stores, Different Approaches to Art The three department stores have slightly different directions. Lotte focuses on sensory exhibitions that combine fragrance, media, and interior design. Hyundai segments content for different customer demographics through specialized exhibition spaces, children's art museums, and craft sales. Shinsegae emphasizes formal galleries and Korean cultural content, including architecture and crafts. What they share is the recognition that relying solely on product sales is insufficient to retain customers. Online shopping allows for quick price comparisons and purchases. Department stores must create reasons for customers to visit and stay. Exhibitions can generate new motivations for visits and broaden the pathways to dining, shopping, and purchasing goods. Of course, art exhibitions do not immediately translate into sales. Many customers leave after viewing free exhibitions. However, for department stores, creating memorable images can help them stand out. The reasons for return visits may hinge more on the artworks seen and the spaces where photos were taken than on what was purchased. An industry insider noted, “Whereas past department store cultural centers served as supplementary facilities to shopping, today’s galleries and exhibitions have become content that draws customers to the stores. Customers who come to see exhibitions may extend their visits to include dining and shopping, which can enhance both store image and sales.”* This article has been translated by AI. 2026-07-25 10:04:00
  • Kim Hye-kyung: Hanji Should Connect Hearts Across Time and Borders
    Kim Hye-kyung: Hanji Should Connect Hearts Across Time and Borders Kim Hye-kyung attended a Hanji exhibition in San Francisco on July 24, stating, "I hope Hanji becomes a beautiful cultural heritage that connects more people's hearts across time and borders."Accompanying President Lee Jae-myung on his visit to the United States, Kim participated in the 'Connecting Time and Future with Hanji' exhibition at The Pearl, a cultural space in San Francisco. The event showcased the history, cultural value, and potential for modern artistic expression of traditional Korean Hanji paper.In her opening remarks, Kim expressed her delight in discussing Hanji, a precious cultural heritage of Korea, in San Francisco, a city known for innovation, creativity, and cultural diversity.She emphasized that "a single sheet of Hanji contains the breath of nature, the long touch of artisans, and the records of life," adding that Hanji, which has embraced our history for centuries, demonstrates infinite possibilities as it expands into new fields such as art, craft, design, and fashion.Kim also expressed her hopes for Hanji's inclusion in UNESCO's list of Intangible Cultural Heritage in December, wishing it to shine as a valuable asset for humanity."I believe culture is the warmest language that connects people and hearts," she said, reiterating her desire for Hanji to be cherished as a beautiful cultural heritage that transcends time and borders.The exhibition featured the phrase 'Hanji, Paper of Time, Memory and Future' displayed in both English and Korean on a large screen at the venue.In the center of the exhibition space, various works and crafts were displayed, including a jar-shaped Hanji stand, Hanji books, fans, materials related to the independence movement printed on Hanji, Hanji objects, and tissue boxes.Dressed in a light jade dress and matching coat, Kim entered the venue holding a Hanji fan. After greeting guests seated in the front row with handshakes, she bowed to acknowledge her introduction as a key attendee.After watching a promotional video about Hanji, Kim received an explanation of the exhibited works from art director Kim Joo-il. As exhibition assistants showcased the pieces to attendees, she observed them closely, and when the Hanji fans placed at attendees' seats were introduced, she fanned herself while chatting with guests nearby.During a subsequent 'Conversation with the Artist' segment, American handmade paper researcher Donald Farnsworth shared the connection between American handmade paper and Hanji. Kim welcomed Farnsworth with a nod and applause as he approached the podium. When artist Nam Jong-hyun explained his artistic world, she looked up to admire the work displayed in the center of the exhibition space.Kim also attended a fashion show featuring garments made from Hanji. As foreign models showcased Hanji clothing, she closely examined the materials and designs. After the show, she was the last to applaud, encouraging the models and artists.At the end of the event, Kim moved to the front of the exhibition space holding a Hanji fan to take commemorative photos with attendees. Instead of the usual photo call of 'Kimchi,' participants shouted 'Hanji.' Following this, Kim took individual photos with attendees upon request and also posed with models wearing Hanji clothing.Notably, the event was attended by over 70 individuals, including Anita Engles, director of the American Bookbinders Museum; Seila Shin, chief operating officer of the San Francisco Museum of Modern Art; artist Nam Jong-hyun; art director Kim Joo-il; Donald Farnsworth, handmade paper researcher; Matthew Kudo, San Francisco Arts and Culture director; Monica Buzi, president of LSFCC; Shelly Yu, chair of the Asian Art Museum; and local paper artists and Hanji artists from the diaspora.* This article has been translated by AI. 2026-07-25 09:52:00
  • South Koreas Oil Imports Drop 15%, Costs Surge 21% Amid Red Sea Tensions
    South Korea's Oil Imports Drop 15%, Costs Surge 21% Amid Red Sea Tensions South Korea's oil imports have decreased over the past four months since the outbreak of war in the Middle East, while the amount paid for these imports has surged by more than 20%. With rising tensions in the Red Sea, concerns are growing that oil prices and logistics costs will increase further.According to Yonhap News on July 25, South Korea's oil import value (based on MTI 1310) from March to June reached $30.23 billion, a 21.1% increase from $24.97 billion during the same period last year. In contrast, the volume of oil imports fell from 45.1 million tons to 38.5 million tons, a decrease of 14.7%. This means that despite importing significantly less oil, the country is paying a much higher price.This situation is attributed to temporary disruptions in the supply of Middle Eastern oil due to the blockade of the Strait of Hormuz, which has caused international oil prices to spike.However, the government and industry have diversified their import sources, leading to a gradual recovery in import volumes. After importing 8.46 million tons in April, the volume increased to 9.7 million tons in May and 9.88 million tons in June. The Ministry of Trade, Industry and Energy stated that it has secured more than 110% of the average oil volume for July and August compared to last year, and over 90% for September, indicating no immediate supply issues.Nevertheless, with tensions now extending from the Strait of Hormuz to the Red Sea, supply chain uncertainties are rising again. According to the Korea National Oil Corporation's Petronet, Brent crude prices reached $100.69 per barrel on July 23, surpassing the $100 mark for the first time in two months.If passage through the Red Sea, which has been used as an alternative route to the Strait of Hormuz, becomes restricted, other alternative routes such as the Suez Canal will need to be sought. This could extend transportation times by about 30 days and significantly increase shipping costs. The Ministry of Industry has noted that no domestic refiners have confirmed plans to reroute through the Suez Canal, although some are reportedly considering it.If international oil prices and import costs continue to rise, it could lead to increased production and logistics costs, impacting the entire domestic industry. Previously, the Korea Institute for Industrial Economics and Trade estimated that production costs across all industries rose by 3.73% due to the spike in oil prices during the blockade of the Strait of Hormuz.Bing Hyun-ji, a researcher at the Korea Institute for Industrial Economics and Trade, stated, "If the blockade remains effective, oil prices could rise to between $120 and $130, with a maximum of $150. Additionally, rerouting through the Suez Canal will significantly increase costs, including war risk insurance and shipping rates from Africa."She added, "Even if alternative routes are utilized, there is a high possibility of supply shortages if the situation prolongs. The government should continue efforts to secure alternative supplies while expanding monitoring of oil prices, transportation, and insurance costs."* This article has been translated by AI. 2026-07-25 09:40:00
  • South Korean President Lee Meets with Big Tech CEOs to Discuss AI Investments
    South Korean President Lee Meets with Big Tech CEOs to Discuss AI Investments South Korean President Lee Jae-myung met with Sam Altman, CEO of OpenAI, Jensen Huang, CEO of NVIDIA, and Hock Tan, CEO of Broadcom, in San Francisco on July 24, local time, to discuss expanding investments and collaborations for building Korea's artificial intelligence (AI) ecosystem and the "Three Major Megaprojects" for national advancement.During the meeting, Huang announced that the business partnership between NVIDIA and SK Group could reach $500 billion. He also outlined extensive plans for collaboration with Korean companies, including semiconductor partnerships with Samsung Electronics and SK Hynix, significant investments in Naver, and cooperation with Hyundai Motor Group on autonomous driving and robotics.President Lee began his meetings at a hotel in San Francisco with Altman, followed by Huang and Tan, accompanied by Deputy Prime Minister and Minister of Science and ICT Lee Bae-keun and Kim Yong-beom, head of the Presidential Policy Office.Lee welcomed Altman, recalling their previous encounter in Évian, France, and expressed gratitude for his interest in Korea's industrial transformation centered on AI. He noted, "Thanks to you, I am also using ChatGPT diligently."Altman responded, saying, "I sincerely thank the Korean people and government. Given the efforts shown by the Korean government in the AI sector, Korea is one of the most important countries in the world." He added, "I hope other leaders will follow the leadership and investment shown by the President. It is crucial for many people to have access to high-quality AI, and Korea is taking a leading role in creating AI programs, including the Three Major Megaprojects."President Lee emphasized that the Three Major Megaprojects represent a significant national decision and requested Altman to play a more active role in this process.In his meeting with Huang, detailed investment and collaboration plans were revealed. Huang stated, "SK Group and NVIDIA will announce a business partnership, which will amount to $500 billion." He explained that NVIDIA, SK Hynix, and Samsung Electronics are working on partnerships related to chip design and memory design, and that a large-scale investment in Naver, a leading cloud company in Korea, is planned to support expansion in Korea and globally.Huang also mentioned collaboration with Hyundai Motor Group on developing autonomous Genesis vehicles and robotics, as well as plans to jointly develop systems for factories and homes with LG.He introduced plans for research and development investments in Korea, stating, "We will start an AI Frontier Lab in Korea, where NVIDIA's leading AI researchers will move from California to Korea, collaborating with KAIST to build 'Korea AI.'" He also announced plans to develop a large-scale language model (LLM) tailored for Korea.Huang emphasized, "We are building various partnerships with Korea's large corporations, startups, and research organizations, aligning with the President's vision of an 'AI Native Nation' that encompasses AI chip development, physical AI, and AI infrastructure."He shared his recent experience visiting Seoul, saying, "The energy I felt in Korea, from fried chicken to pork belly, was truly amazing. The Korean people really love AI, and we achieved many results and remarkable announcements with various partners."Huang remarked, "Under the President's leadership, Korea has accomplished a lot in the past year. It is not an exaggeration to say that this is truly Korea's golden age."President Lee expressed gratitude for the smooth supply of GPUs promised by Huang during last year's Asia-Pacific Economic Cooperation (APEC) summit. He noted, "Thanks to the smooth supply of GPUs, we are rapidly adapting even in unprepared situations. After a year of preparation since the government was established, we are launching the Three Major Megaprojects and preparing for a new society and nation centered on AI."Lee stated, "Korea is determined to become the leading country in AI and its realization. While most people still think AI is confined to laboratories or programs, a time is coming when it will emerge and impact people's daily lives."He added, "This is the beginning of the golden age of AI, and I hope NVIDIA and CEO Huang will play a more central role in Korea's entry into this golden age."The two shared a friendly atmosphere, with Huang welcoming Lee to California, to which Lee responded, "You should have seen me in Seoul; the leather jacket suits you well."Lee also mentioned, "I have seen many broadcasts of people enjoying chicken and beer in Seoul, and I wanted to join them."In his meeting with Tan, President Lee stated, "Korea is making significant investments in AI and is preparing for a completely new level of collaboration with companies. I ask Broadcom to play a significant role in fostering Korea's AI ecosystem."Lee emphasized, "Creating an AI industry ecosystem requires an enormous national role in terms of scale and content, and collaboration between companies is on a different level than in the past. I urge Broadcom to contribute to making Korea the world's leading AI nation."Tan expressed through an interpreter his commitment to contributing to Korea's sovereign AI development with Broadcom's technology. He explained that they are collaborating with Samsung Electronics and SK Hynix to develop the latest high-bandwidth memory (HBM) and solutions that combine Broadcom's AI chips with HBM.Tan noted, "It is impressive that even within Korea's large corporate-centered industrial structure, small and medium-sized enterprises and startups are striving to create new technologies. We will support Korea's sovereign AI implementation by providing customized semiconductors suitable for Korean AI models and LLM development, separate from general-purpose GPUs."President Lee also met with Dario Amodei, CEO of Anthropic, to discuss expanding investments and collaborations in the AI sector.Earlier, President Lee met with Amodei as the first schedule of his series of meetings with big tech leaders, discussing various opinions on expanding investment partnerships for mutual growth between Korea and Anthropic and cooperation for responsible AI development.According to a written briefing by Chief Spokesperson Kang Yoo-jung, President Lee stated, "Korea plans to significantly expand investments in AI, so we expect Anthropic's special interest and contributions."He added, "Korea can be the optimal partner to become the core hub of Anthropic's AI infrastructure in Asia. If Anthropic's world-class AI model capabilities, confirmed by Mito, are combined with Korea's semiconductor and AI data center capabilities and the potential of a large-scale AI consumer market, it will create growth opportunities for both sides."Lee urged, "Korea is optimized to be a core hub for AI in Asia, and I hope investment and collaboration with domestic companies will be significantly expanded."In response, Amodei expressed, "Business cooperation with Korean companies is exciting and a very high priority. We plan to invest in many areas, including collaboration with memory manufacturers and AI data centers."Amodei noted, "I believe Korea is very active at the national level. We have signed many MOUs (Memorandums of Understanding) with the Ministry of Science and ICT regarding AI cooperation, which will allow us to conduct tests in AI security and the cyber industry."Chief Spokesperson Kang explained that the discussions included cooperation on domestic advanced memory semiconductor supply, large-scale joint investment in domestic AI data centers as a core hub for AI infrastructure in Asia, and collaboration for safe and responsible AI development and utilization.President Lee concluded, "Our country is focusing on significant investments to achieve the world's top position in AI utilization in daily life, industry, and the public sector, with great potential due to various foundations such as talent and technology, as well as high public acceptance of technology. With the interest and support of advanced technology companies like Anthropic, we can create a new future together."* This article has been translated by AI. 2026-07-25 09:20:00
  • President Yoon Aims for South Korea to Become a Global AI Hub
    President Yoon Aims for South Korea to Become a Global AI Hub President Yoon Suk Yeol announced on July 24 that South Korea aims to become a global hub for artificial intelligence (AI) production and an indispensable platform for global cooperation in technology, capital, talent, and ideas.Starting at the end of this year, the 'Everyone's AI' project will be launched, involving all 50 million citizens to integrate AI into public services, welfare, education, and daily life, positioning South Korea as the most dynamic AI market and a global testbed.President Yoon made this announcement during the 'AI Summit' held in San Francisco, where he unveiled the 'San Francisco AI Declaration.'He outlined four visions for South Korea: to be a key player in the global AI supply chain, a global testbed for the effective use of AI, a hub for expanding the global AI market, and to establish a responsible and human-centered 'AI Basic Society.'“I want to share South Korea's vision for a new era of AI with the world from San Francisco, the heart of global innovation,” President Yoon said. “We aspire to present a future AI vision and collaborate with the world to create a better future for humanity.”He emphasized the similarities between San Francisco and South Korea, noting that just as San Francisco rose from the ruins of the 1906 earthquake to become a center of technological innovation, South Korea transformed from a war-torn nation into a leading IT powerhouse driving the global AI ecosystem.President Yoon highlighted the success of Samsung Electronics, which entered the semiconductor industry as a latecomer and grew to lead the global memory semiconductor market, and SK Hynix, which recently went public on NASDAQ after becoming a leader in high-bandwidth memory (HBM).He also mentioned a significant investment of approximately 470 trillion won announced in June, aimed at propelling South Korea's economy and the global AI industry. “Today, I want to announce a large-scale AI investment initiative prepared by South Korea and global companies, with a combined corporate value exceeding 2,000 trillion won,” he stated.President Yoon assessed that the nature of AI competition has shifted from merely developing software algorithms to securing computing resources, stable energy, data, and the ability to apply these in industrial settings.“Even the world's best AI models cannot operate without a stable supply of advanced semiconductors, and no matter how excellent the semiconductors are, they require the massive demand from AI to create new value,” he emphasized, highlighting the interconnectedness of technology, production capacity, data, energy, markets, and talent.As the first vision, he proposed becoming a key country in the indispensable global AI supply chain, aiming to be a reliable production base and supply chain partner for AI semiconductors based on world-class memory semiconductor competitiveness and production capacity.“We will ensure that companies worldwide can build AI infrastructure reliably and continue technological innovation under any circumstances,” he said, explaining that South Korea is transitioning to a multi-polar production base system that shares semiconductor supply responsibilities between the capital region and local areas.He added, “This is a national-level safety measure for semiconductor production during any crisis and a responsible investment by South Korea to prevent global semiconductor shortages,” stating the goal of establishing a global AI hub that reliably supplies essential infrastructure needed for the global ecosystem by connecting semiconductors, AI data centers, and physical AI.As the second vision, he expressed the ambition to create new markets by utilizing AI most quickly and effectively. By combining South Korea's manufacturing competitiveness, digital infrastructure, and high technology acceptance, he plans to ensure that AI operates in manufacturing plants, cities, and logistics sites, beyond just laboratories and digital spaces.“South Korea will rapidly spread AI across industrial sites, public services, and daily life, creating new demand and markets,” he asserted, emphasizing the goal of becoming a global AI testbed and production platform.The government plans to quickly develop and validate new technologies within South Korea's AI production platform, applying accumulated data to enhance AI performance and reliability, creating a virtuous cycle where advanced AI improves industrial productivity and citizens' lives.In particular, he stated, “We plan to fully launch the 'Everyone's AI' project involving all 50 million citizens by the end of this year,” aiming to actively utilize AI in public services such as administration, welfare, and education to create the world's most dynamic AI market.President Yoon urged global companies to choose South Korea as a stage for innovation and investment, where they can quickly realize their technologies and ideas, assuring them that South Korean citizens and businesses will be their most reliable partners.The third vision is to build a global hub that expands the world AI market. This involves establishing horizontal cooperation networks with various countries beyond partnerships with technology-leading nations and supporting developing countries in creating their own AI services and markets.“Support for developing countries should not merely aim to reduce the AI gap,” he said. “It should be an investment for the shared prosperity of a global AI ecosystem where new talent, ideas, services, and markets are born.”He also introduced the 'Global AI Hub Initiative' being pursued with international organizations under the vision of 'AI for Everyone, AI for Solving Humanity's Challenges.' This initiative aims to expand cooperation between countries and companies to develop AI suited to the languages, cultures, and industrial environments of various nations using South Korea's AI infrastructure and technological capabilities.Finally, he stated the goal of creating an era where AI develops responsibly and human-centered, providing new opportunities for all. Based on the AI Basic Act implemented in January, he aims to ensure that safe and reliable AI operates within industries and citizens' lives.“While maintaining the dynamism of innovation, we are considering new distribution models to ensure that the benefits of AI do not remain with specific groups but are spread throughout society,” he noted, emphasizing that the future of AI cannot be completed solely through technological advancement and economic outcomes.He added, “In the AI era, we will ensure that all citizens are better guaranteed basic rights such as education and healthcare, creating a society where no one is left behind, including small and medium-sized enterprises, small business owners, and vulnerable groups,” defining this as an 'AI Basic Society.'President Yoon reiterated, “South Korea will leap forward as a global AI production base and a platform for innovation, connecting the world's technology, capital, talent, and ideas.”He also referenced the Golden Gate Bridge, a symbol of San Francisco, urging global companies to become bridges of cooperation that connect the world, just as the bridge connects the city and the sea.Quoting the theme song from the American sitcom 'Friends,' he said, “I will be there for you, because you’ll be there for me too.”“When we come together, AI can bring hope to more people and create a larger, brighter future,” he urged the international community to join in.* This article has been translated by AI. 2026-07-25 09:12:00
  • Yoo Si-min Criticizes President Lee, Calls for Restraint from Party Members
    Yoo Si-min Criticizes President Lee, Calls for Restraint from Party Members 범여권 논객 유시민 작가가 '재건축론'·'필패론' 등을 언급하며 이재명 대통령을 연일 강도 높게 비판하고 있다. 여권 내부에서는 친명(친이재명)계를 중심으로 우려와 반발의 목소리가 쏟아졌다. 25일 정치권에 따르면 유 작가는 이 대통령의 중도·보수 확장에 대해 염려 섞인 목소리를 냈다. 그는 지난 23일 MBC 라디오에서 "대통령이 정치적 양극화를 완화하고 국민적 합의가 높은 수준에서 이뤄지도록 국가를 운영하려는 의지를 가졌다고 추측한다"며 "'모두의 대통령'이 되려는 지향을 가지고 국정운영을 하겠다는 의도가 있다"고 밝혔다. 이어 "과연 대통령이 지난 1년간 해온 방식으로 그것을 할 수 있을까 물었을 때 아니라고 본다"며 "목표를 이룰 수 없을 뿐만 아니라 오히려 검찰 독재에서 정치인 이재명을 구해줬던 국민의 요구, 지지층의 소망과 어긋나면서 자신의 정치적 기반을 무너뜨리고 본인이 생각하는 통합의 정치를 이루지 못한 채, 시도하지 않은 것만 못한 결과가 나올 수도 있다"고 지적했다. 그러면서 "민주·진보 정치 연합을 공고히 하면서 중도·보수로 조금씩 넓히는 방식으로 갔으면 좋겠다"며 "민생과 정책 성과를 내는 데 집중하고 더불어민주당과 진보 진영은 통합과 연대를 튼튼히 하며 뒷받침하는 그림이 이 대통령에게 안전하고 유익한 수단"이라고 강조했다. 민주당 전당대회와 관련해선 "대통령이 특정한 후보가 되기를 원하고 있다"며 "당 대표가 부하가 아닌 것을 인정하고, 직업 공무원과 호흡을 맞춰서 하듯이 하면 아무 문제 없을 것"이라고 덧붙였다. 민주당 의원들은 유 작가를 향해 자제를 촉구했다. 진성준 의원은 지난 24일 YTN 라디오에서 "유 작가의 충정을 의심하지는 않는다"면서도 "수위 높은 발언이나 거친 표현이 지속되고 있는 것은 오히려 당의 반발을 불러일으키는 일이니 자제하면 좋겠다"고 말했다. 박지원 의원도 "유 작가의 비평을 부분적으로 인정하지만 어찌하였든 내란 세력을 도와주는 결과로 국민이 받아들이는 것을 우려한다"고 했다. 친명계인 강득구 의원은 "도대체 왜 그토록 편향되게 행동하느냐. 누군가의 사주라도 받은 것이냐, 아니면 어떤 불순한 정치적 의도가 숨어있는 것이냐"고 목소리 높였다. 최고위원 선거에 출마한 김용 전 민주연구원 부원장도 "이 모든 기획 뒤에 이 대통령이 있다는 게 말이 되느냐"며 "그러면 최소한 제가 알아야지 않나"라고 했다.* This article has been translated by AI. 2026-07-25 09:04:00
  • Rising Interest Rates Strain Savings Banks Amid Real Estate Financing Challenges
    Rising Interest Rates Strain Savings Banks Amid Real Estate Financing Challenges The rise in benchmark interest rates is becoming a new burden for the savings bank sector, which has been accelerating the cleanup of troubled real estate project financing (PF). As interest rates increase, the financial costs for PF projects rise, potentially delaying their normalization. Additionally, the increase in deposit interest rates could further elevate the funding costs for savings banks.According to the financial sector on July 25, the delinquency rate for real estate PF loans across the entire financial sector was 4.65% at the end of the first quarter, up 0.77 percentage points from the same period last year. While the ratio of real estate PF exposure to equity for savings banks decreased from 150% at the end of 2023 to 56% by the end of March this year, savings banks were the only financial institutions among banks, insurance companies, securities firms, credit finance companies, and mutual finance to exceed 50%.Although savings banks have been reducing their risk exposure through the sale of non-performing assets and a decrease in new PF transactions, the burden of PF relative to their equity remains high. This is particularly concerning for smaller savings banks with relatively weaker capital, as delays in project resolution or additional losses could have a more significant impact on their soundness and profitability.The Bank of Korea's increase in the benchmark interest rate could raise financial costs for PF projects, delaying their normalization and sale. As the interest burden on project operators grows, it may become more challenging to resume construction and secure new funding, prolonging the restructuring of these projects. Delays in project resolution could lead savings banks to hold onto related non-performing assets for extended periods, necessitating additional provisions for bad debts. An increase in provisioning burdens could reduce net income and delay improvements in soundness indicators such as delinquency rates and the ratio of non-performing loans.Moreover, the rising deposit interest rates are compounding the funding cost pressures. According to the Korea Federation of Savings Banks, the average interest rate for one-year time deposits at savings banks was 3.86% as of today, up 0.54 percentage points from 3.32% on June 1. Although the average rate peaked at 3.93% last week before slightly declining, competition for high deposit rates continues. Some savings banks, including CK, HB, Daehan, and Sangsangin, are offering one-year time deposit products with interest rates exceeding 4.5%.Most of the funding for savings banks comes from deposits, so rising deposit rates quickly translate into increased interest costs. However, due to the burdens of PF restructuring and household credit loan soundness, it is challenging to aggressively increase loan assets, and considering the repayment capacity of vulnerable borrowers, there are limits to significantly raising loan interest rates.A financial sector official stated, “If financial costs for PF projects increase due to rising interest rates, the normalization and sale of these projects may be delayed longer than expected. In such a situation, if the funding costs and bad debt expenses for savings banks also rise, the recent recovery in performance could weaken again.”* This article has been translated by AI. 2026-07-25 09:04:00
  • One Year In: Minister Kwon Oh-eul Connects Veterans Voices to Systemic Change
    One Year In: Minister Kwon Oh-eul Connects Veterans' Voices to Systemic Change “The past year has been a time of connecting the voices of veterans' families to systemic change, based on the belief that ‘policies are completed in the field, not at the desk,’” said Kwon Oh-eul, Minister of the Ministry of Veterans Affairs, on July 25, marking his first anniversary in office.Kwon pledged to continue his efforts to fill the gaps in veterans' affairs and to create a South Korea where dedication to the nation is especially respected.The Ministry highlighted three major achievements over the past year: strengthening national responsibility for veterans' gaps, implementing a national unity culture of remembrance, and expanding the global outreach of South Korea's veterans' affairs.One significant initiative was the establishment of a living support fund for spouses of deceased veterans, which began disbursement in March. Approximately 17,000 spouses aged 80 and older, with incomes below 50% of the median, receive monthly support of 150,000 won. Before the program's launch, Minister Kwon visited homes of veterans' spouses in Daegu to hear about their challenges and explain the support measures.Additionally, the compensation scope for descendants of independence activists has been expanded to include grandchildren, benefiting over 2,300 individuals starting in 2027, regardless of the timing of the independence activist's death. The ministry also improved the system to grant membership to one descendant of each independence activist, addressing the decline in membership due to aging.In celebration of the 80th anniversary of liberation in 2025, the ministry successfully executed public participation events, including a pre-liberation day ceremony, a media facade at Gwanghwamun, and a drone show titled ‘Light of Liberation.’ They also buried a ‘100th Anniversary Time Capsule’ in over 100 schools nationwide, fostering remembrance and inheritance of the spirit of independence among future generations.Minister Kwon has worked to ensure that veterans' affairs can serve as a focal point for national unity, balancing recognition of sacrifices and contributions in independence, national defense, and democracy.He has paid respects at the graves of former presidents and their spouses, placed presidential wreaths on memorial days, and facilitated remembrance of national dedication through events like the May 18 Democratic Movement commemoration and National Veterans Month activities.As part of his efforts to host the 2029 Invictus Games, Kwon participated directly in presentations in the UK, showcasing South Korea's commitment and Daejeon's infrastructure capabilities. This achievement marks South Korea as the first Asian host of the international military sports event, providing a pivotal opportunity to showcase the nation's veterans' medical and rehabilitation capabilities to the global community.Furthermore, the ministry has expressed gratitude and responsibility towards those who dedicated their lives for South Korea's freedom through initiatives such as the return of UN veterans and their families, the repatriation of remains, and the expansion of international cooperation with UN member states.Looking ahead, the Ministry aims to create tangible changes that veterans' families can feel, under the principle of ‘special compensation for special sacrifices,’ targeting a veterans' budget that constitutes 1% of total government spending. Plans include expanding recognition of military service and veterans' education for future generations, as well as ensuring the successful hosting of the 2029 Invictus Games.* This article has been translated by AI. 2026-07-25 09:04:00
  • President Yoon Meets Jensen Huang, Announces $500 Billion SK-NVIDIA Partnership
    President Yoon Meets Jensen Huang, Announces $500 Billion SK-NVIDIA Partnership On July 24, in San Francisco, President Yoon Suk Yeol met with Sam Altman, CEO of OpenAI, Jensen Huang, CEO of NVIDIA, and Hock Tan, CEO of Broadcom, to discuss expanding investment and collaboration in South Korea's artificial intelligence (AI) ecosystem and the "Three Major Projects for National Leap." Huang announced that the business partnership between SK Group and NVIDIA is expected to reach $500 billion. He also revealed plans for extensive collaboration with South Korean companies, including semiconductor partnerships with Samsung Electronics and SK Hynix, significant investments in Naver, and cooperation with Hyundai Motor Group in autonomous driving and robotics. President Yoon met with Altman, Huang, and Tan sequentially at a hotel in San Francisco, accompanied by Deputy Prime Minister and Minister of Science and ICT Lee Jong-ho and Kim Yong-beom, head of the Presidential Policy Office. During his meeting with Altman, President Yoon recalled their brief encounter in Évian, France, and welcomed him back, stating, "It is great to meet again in such an important setting. I appreciate your interest in South Korea's industrial transformation centered on AI, and our citizens are excited about your investment decisions." He added, "Thanks to you, I am also using ChatGPT diligently." Altman expressed his gratitude to the South Korean people and government, stating, "Given the efforts the South Korean government is making in the AI sector, Korea is one of the most important countries in the world." He added, "I hope other leaders will follow the leadership and investment shown by the President. It is crucial for many people to have access to high-quality AI, and Korea is playing a leading role in creating AI programs, including the three major projects." President Yoon emphasized that the three major projects represent a significant national decision and requested Altman to participate more actively in this process. In his meeting with Huang, specific investment and collaboration plans were disclosed. Huang stated, "SK Group and NVIDIA will announce a business partnership, with a scale of $500 billion." He explained that SK Hynix, Samsung Electronics, and NVIDIA are working on partnerships related to chip design and memory design, and that a large-scale investment in Naver, a leading cloud company in Korea, is planned to support expansion in Korea and globally. Collaboration with Hyundai Motor Group will focus on developing autonomous Genesis vehicles and robotics. Huang also mentioned plans to jointly develop systems for factories and homes with LG. Huang outlined plans for research and development investments in Korea, stating, "We will start an AI Frontier Lab in Korea, with NVIDIA's leading AI researchers relocating from California to collaborate with KAIST to build 'Korea AI.'" He also proposed developing a large language model (LLM) tailored for Korea. He emphasized, "We are building various partnerships from large corporations to startups and research organizations, aligning with the President's vision of an 'AI Native Nation' that encompasses AI chip development, physical AI, and AI infrastructure." Huang shared his recent experience visiting Seoul, saying, "The energy I felt in Korea, from fried chicken to pork belly, was truly amazing. The Korean people really love AI, and we achieved many results and remarkable announcements with various partners." He remarked, "Under the President's leadership, Korea has accomplished a lot in the past year. It is not an exaggeration to say that this is truly Korea's golden age." President Yoon expressed gratitude for the smooth GPU supply promised by Huang during last year's APEC summit, stating, "Thanks to the smooth supply of GPUs, we are rapidly adapting even when unprepared. After a year of preparation, we are launching the three major projects and preparing for a new society and nation centered on AI." He affirmed, "South Korea is determined to become the leading country in AI and its realization. While most people still think AI is confined to labs or programs, a time is coming when it will emerge and impact people's daily lives." He added, "We are at the beginning of the golden age of AI, and I hope NVIDIA and CEO Huang will play a central role in South Korea's entry into this era." The two leaders shared a friendly atmosphere, with Huang welcoming President Yoon to California, to which Yoon responded, "You should have seen me in Seoul; the leather jacket suits you well." President Yoon also mentioned, "I have seen scenes of people enjoying chicken and beer in Seoul on broadcasts, and I wanted to join in." In his meeting with Tan, President Yoon stated, "South Korea is making significant investments in AI and preparing for a completely new level of collaboration with companies. I ask Broadcom to play a significant role in fostering the Korean AI ecosystem." He emphasized, "Creating an AI industry ecosystem requires an enormous national effort in scale and content, and collaboration between companies is on a different level than in the past. I urge Broadcom to contribute to making South Korea the world's leading AI nation." Tan expressed through an interpreter his commitment to contributing to Korea's sovereign AI development with Broadcom's technology. He explained that they are collaborating with Samsung Electronics and SK Hynix to develop the latest high-bandwidth memory (HBM) and solutions that combine Broadcom's AI chips with HBM. Tan noted, "It is impressive that even within a large corporate-centered industrial structure, small and medium-sized enterprises and startups in Korea are striving to create new technologies. We will provide customized semiconductors suitable for developing Korean AI models and LLMs, separate from general-purpose GPUs, to support Korea's sovereign AI implementation." OpenAI was represented by Oliver Jay, Global Business Head, and Ivy Laushindwolf, Head of Multilateral Cooperation and Strategic Operations. NVIDIA was represented by Madison Huang, Senior Director of Physical AI Platform Marketing, Raj Mirpoury, Vice President of Global AI Cloud and Infrastructure Ecosystem, and Milen Mangaldinda, Corporate Communications Vice President. Broadcom was represented by Kwon Young-woo, Senior Vice President and General Manager.* This article has been translated by AI. 2026-07-25 08:48:00
  • President Yoon Calls for Major Expansion of AI Investment in South Korea
    President Yoon Calls for Major Expansion of AI Investment in South Korea President Yoon Suk Yeol met with Dario Amodei, CEO of Anthropic, on July 24 in San Francisco, urging for increased investment and collaboration in the field of artificial intelligence (AI).During their meeting at a downtown hotel, President Yoon and Amodei discussed expanding investment partnerships for mutual growth between South Korea and Anthropic, as well as strategies for responsible AI development.According to a written briefing by Chief Spokesperson Kang Yu-jeong, President Yoon stated, "South Korea plans to significantly increase its investment in AI, and we expect Anthropic's special interest and contributions in this area."He emphasized, "South Korea can be the optimal partner for Anthropic as a key hub for AI infrastructure in Asia. If we combine Anthropic's proven global AI model capabilities with South Korea's strengths in semiconductors, AI data centers, and the potential of a large AI consumer market, it will create growth opportunities for both sides."President Yoon added, "South Korea is optimized to be a core hub for AI in Asia, and I hope for a substantial expansion of investment and collaboration with domestic companies."In response, Amodei expressed, "Business collaboration with South Korean companies is exciting and a very high priority for us. We plan to invest in various areas, including partnerships with memory manufacturers and AI data centers."Amodei noted, "I believe South Korea is very active at the national level. We have signed many MOUs (Memorandums of Understanding) with the Ministry of Science and ICT regarding AI collaboration, which will allow us to conduct tests in AI security and the cyber industry."Spokesperson Kang explained that the discussions included cooperation on domestic advanced memory semiconductor supply, large-scale joint investment in domestic AI data centers as a key hub for AI infrastructure in Asia, and collaboration for safe and responsible AI development and utilization.President Yoon reiterated, "Our country is focusing on significant investments to achieve the world's top position in AI utilization across daily life, industry, and the public sector. With the support and interest of advanced technology companies like Anthropic, we can create a new future together."Meanwhile, Anthropic is a U.S. AI startup founded in 2021 by researchers from OpenAI, headquartered in San Francisco.On the same day, President Yoon is scheduled to meet with other tech leaders, including Sam Altman, CEO of OpenAI, Jensen Huang, CEO of NVIDIA, and Hock Tan, President and CEO of Broadcom.* This article has been translated by AI. 2026-07-25 08:20:00