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Financial Authority Accelerates Productive Finance Initiatives The financial authorities are accelerating efforts to expand productive finance supply. They are focusing on implementing an immunity system that allows financial institutions to take risks in providing funds, as well as plans to publicly disclose supply performance, solidifying productive finance as a key policy initiative.According to the financial authorities on September 15, the Financial Services Commission (FSC) is considering expanding the scope of immunity for productive finance to include self-employed individuals in the service sector. Immunity is a system that exempts financial company employees from liability for losses incurred after loans or investments are made in accordance with normal procedures, provided there is no intent or gross negligence. This aims to increase funding in areas where financial institutions tend to be conservative due to risk concerns.An FSC official stated, "We are listening carefully to the difficulties financial institutions face and their opinions regarding immunity. Based on this, we will develop institutional improvements that align with the purpose of productive finance."In line with this initiative, financial institutions are establishing dedicated teams or restructuring existing ones to strengthen internal management systems, reflecting relevant performance indicators in their key performance metrics (KPIs).As a result of this trend, the scale of productive finance supply is also increasing. Since the implementation of the productive finance policy in the fourth quarter of last year, the financial sector has supplied a total of 272.3 trillion won by the end of July this year. There are plans to push for a total of 1,560 trillion won over the next five years.Efforts to disclose productive finance performance are also underway. The FSC plans to publish a fact book containing the results of productive finance initiatives starting in the fourth quarter of this year, while financial institutions are expected to release their own white papers around December and annual reports detailing their performance by May next year. Once the supply performance and progress of each financial institution, along with best practices, are made public, it will serve as a de facto 'report card' for comparing productive finance achievements among institutions.There are expectations that the combination of performance evaluation, immunity, and performance disclosure will enhance participation in productive finance among financial institutions. In particular, it is anticipated that financial institutions will be more proactive in supplying funds to innovative companies and startups that have struggled to secure financing under traditional assessment methods due to insufficient collateral or financial performance.However, some express concerns that focusing solely on expanding supply performance could lead to neglect of soundness management. As competition intensifies among financial institutions for productive finance results, there is a risk that they may increase supply without adequately assessing risks. If the funds provided under such circumstances become non-performing due to future industry downturns, the burden will fall back on the financial institutions. Conversely, there is also a possibility that funding may disproportionately flow to low-risk, high-quality companies.Previously, FSC Vice Chairman Kwon Dae-young urged, "Please establish a system to self-verify whether the results of productive finance are inflated to avoid misunderstandings."A financial sector official noted, "Once the scope and requirements for immunity in productive finance are clarified, it is expected that an environment will be created where financial institutions can more actively consider loans and investments in innovative companies and startups. However, given the current trend of revitalizing lending to self-employed individuals and small businesses, soundness management measures must also be developed in light of worsening business conditions and increasing closures." 2026-09-15 14:16:10
National Data Agency Discusses 'AI-Friendly Data Standards' with OECD and ADB The National Data Agency is collaborating with the Organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank (ADB) to discuss innovative global data standards in response to the era of artificial intelligence (AI). The focus is on connecting statistical data, which is managed differently by various countries and institutions, to international standards, enabling AI to accurately understand and utilize this data.On September 15, the agency announced the opening of the workshop titled 'From Data Standards to Innovation: Strengthening Capabilities Based on SDMx and AI' at the Hotel Naru M Gallery in Seoul. The three-day event, running until September 17, has attracted over 80 data experts from statistical offices and central banks across 25 countries in the Asia-Pacific region.Participants will discuss the evolving methods of data production, management, and utilization in light of advancements in AI technology, as well as the future direction of international data standards. A key focus will be on SDMx, a standardized framework that facilitates the smooth exchange of statistics and data across different systems, and how it can be integrated with AI technology.On the first day, attendees will engage in practical exercises on standardizing and systematically managing data to enable AI to accurately retrieve statistical information. The second day will feature discussions on how data producers can leverage AI to enhance data quality and streamline production and management processes, along with sharing real-world applications.The final day will host an 'SDMx+AI Innovation Hackathon,' where participants will develop and demonstrate AI-based data innovation service models using MCP (a universal data connection standard for AI).In his opening remarks, Lee Myung-ho, Deputy Director of the National Data Agency, stated, "In the age of AI, the competitiveness of data lies not merely in the vast quantity of data but in building 'AI-friendly data' that AI can accurately understand and utilize in context."He further noted, "The recent paradigm shift in AI competition is moving from the models themselves to a competition for 'good data' that AI can trust and use immediately. I hope this workshop will promote the production and utilization of good data through the integration of data standards and AI, ultimately enhancing the value of both data and AI as they develop together."The National Data Agency plans to strengthen data cooperation with international organizations such as the OECD and ADB and to continuously pursue statistical and data innovations aligned with the evolving global data standards in the AI era.* This article has been translated by AI. 2026-09-15 14:16:00
Youth Workers Share Employment Challenges with Labor Minister and Unions Young job seekers, workers in manufacturing and service sectors, and freelancers conveyed their employment challenges directly to the government and labor unions. Issues discussed included the high barriers to employment due to a focus on experienced hires, disparities in treatment based on employment type, and job insecurity stemming from the transition to artificial intelligence (AI).On September 15, the Ministry of Employment and Labor held a 'Youth Labor Town Hall Meeting' at the Ferum Tower in Jung-gu, Seoul, in collaboration with the Korean Confederation of Trade Unions and the Korean Federation of Trade Unions. This event was organized to hear firsthand accounts from young workers amid ongoing difficulties in youth employment.About 70 participants, including university students and job seekers, attended the event, representing various employment types such as regular and non-regular workers, subcontractors, and freelancers.Following presentations from five young workers and an explanation of youth policies by the Ministry, Labor Minister Kim Young-hoon engaged in a dialogue with attendees. One young person involved in employment support stated, "Companies prefer experienced candidates, making it a significant challenge to gain practical experience. I hope there will be more opportunities for good work experiences that lead to employment."Demands for improved job quality were also voiced. A participant from the National Union of Non-Regular Workers urged the public sector to set an example by improving conditions for non-regular workers and expanding quality job opportunities for youth. There were calls for systems and social safety nets to protect the economic rights of young workers engaged in various forms of employment, especially in small manufacturing firms and in light of the expanding platform economy.Participants highlighted the issue of wage, welfare, and safety standards varying by company size and employment type. They emphasized the need for institutional support to ensure that opportunities and working conditions do not differ significantly based on the circumstances faced by young workers.Minister Kim stated, "We must not allow young individuals to bear the difficulties arising from the structure of the labor market alone. As the industrial environment rapidly evolves with the transition to AI, we will work to broaden job opportunities for youth and ensure that workplace rights are robustly protected for everyone."* This article has been translated by AI. 2026-09-15 14:16:00
One in nine Koreans in 50s never married SEOUL, September 15 (AJP) - More than one in 10 people in South Korea in their 50s have never married, with the number more than tripling over the past decade as marriage becomes increasingly less universal among middle-aged adults. Data from the Ministry of Data and Statistics showed that 934,000 people in their 50s, or 10.9 percent of the age group’s 8.54 million population, had never married as of August. A decade earlier, the figure stood at 281,000, or 3.4 percent. Among people in their 40s, the never-married rate has also risen to 20 percent, about 1.8 times the level recorded 10 years ago. The divide was particularly pronounced by gender. About 15 percent of men in their 50s had never married, compared with 6.9 percent of women. Education was also associated with sharply different patterns. Among men in their 50s, the never-married rate was 19.7 percent for those with a junior-college education or less, falling to 9 percent among four-year university graduates and 5.9 percent among those with graduate-level education. For women, the pattern ran in the opposite direction: the rate rose from 5.6 percent among those with a junior-college education or less to 8.9 percent among university graduates and 13.5 percent among those with graduate degrees. The shift is not unique to Korea. In Japan, 2020 census-based data showed that 28.3 percent of men and 17.8 percent of women were never married at around age 50, up from 20.1 percent and 10.6 percent, respectively, in 2010. In the United States, 15.6 percent of people aged 45 to 54 had never married in 2023, according to the U.S. Census Bureau’s American Community Survey. The figures are not directly comparable because the countries use different age groups and statistical methods, but they point to a broader trend toward delayed or forgone marriage across advanced economies. 2026-09-15 14:13:35
Asiana losing "OZ" code but mileage valid for 10 years under KAL wing SEOUL, September 15 (AJP) -Asiana Airlines will begin losing its “OZ” flight code in November as flights shift to Korean Air’s “KE,” but its mileage will remain valid for at least a decade after the carriers fully integrate in December, according to Korean Air and the antitrust regulator. Korean Air said Monday it will carry out the flight-number conversion, known as re-accommodation, from Nov. 2 to Dec. 3 for passengers who already hold Asiana reservations or tickets for flights departing on or after Dec. 17, when the integrated carrier is set to launch. The monthlong process will transfer Asiana booking and ticketing information into Korean Air’s system in stages rather than switching all reservations at once. A Korean Air official told AJP that because of the large volume of booking data, the timing of the change will vary by route. “Some routes will already have been changed to KE, while others may still remain under OZ for a while,” the official said. “The purpose of the monthlong period is to gradually complete the conversion.” Passengers checking reservations during the transition could therefore see either an OZ or KE flight number, depending on the route and timing of the conversion. Korean Air said affected customers will be notified individually through KakaoTalk messages, text messages or email so they can check their new reservation and ticket information before departure. The airline will also provide frequently asked questions on its website and mobile app covering major changes related to the integration. The Korean Air official said the conversion will primarily mean a change in the airline code and flight number rather than a major change to passengers’ itineraries. “The departure and arrival points will remain the same, and you can basically think of it as the flight number changing,” the official said. Some departure times could be adjusted slightly as Korean Air aligns the two carriers’ schedules, but major changes are not expected, the official said. The number of flights is also not expected to change as a result of the re-accommodation process. Another major piece of the integration is handling Asiana mileage after the merger. Under final approval from Korea's Fair Trade Commission on Tuesday, existing Asiana mileage will remain separately usable for 10 years after the Dec. 17 merger. Customers who choose not to convert their miles will be able to use them on Korean Air-operated routes for bonus tickets, seat upgrades, cash-and-mile payments and shopping under Asiana’s existing redemption standards. Passengers who prefer to convert their Asiana mileage into Korean Air SKYPASS miles can do so at a 1-to-1 ratio for miles earned through flights. Miles accumulated through credit cards and other partners will be converted at a ratio of 1 Asiana mile to 0.82 Korean Air mile. Customers can apply for conversion at any time during the 10-year period, although their entire remaining balance must be converted at once. Any Asiana mileage left after the 10-year period will be automatically converted into Korean Air miles. Korean Air is also required to maintain or expand opportunities for customers to use their mileage. For popular long-haul routes to the Americas, Europe and Oceania, bonus-seat availability must be maintained at no less than the highest level recorded by the two airlines over the past decade, based on 2023 performance, for the next 10 years. The airline plans to provide an online tool allowing customers to compare the benefits of retaining their existing Asiana mileage with those of converting it to Korean Air miles. With flight numbers switching from OZ to KE and the mileage framework now approved, two of the most visible parts of Asiana’s identity are entering their final transition ahead of the merger. AJP Takeaways - Asiana’s “OZ” flight code will begin shifting to Korean Air’s “KE” from November ahead of the Dec. 17 merger. - Asiana mileage can remain separately usable for 10 years or be converted into Korean Air SKYPASS miles. - Korean Air plans to maintain mileage redemption options and long-haul bonus-seat availability during the integration. 2026-09-15 14:13:07
Korea Trade Insurance Corporation Expands Financial Support for Resources and Asian Infrastructure The Korea Trade Insurance Corporation (K-SURE) is expanding its advance financial support to include resource acquisition projects and the Asian infrastructure market. This initiative aims to assist overseas projects facing funding challenges as investments concentrate on large-scale ventures such as artificial intelligence (AI), thereby broadening the bidding base for domestic companies.K-SURE announced on September 15 that it held the 37th Gwanghwamun Forum in Jung-gu, Seoul, on September 14, where it shared the outcomes of mid- to long-term financial system improvements and its support direction for the second half of the year. The Gwanghwamun Forum, which began in 2008, serves as a platform for stakeholders in overseas projects to discuss global market changes and support measures for international business.During the forum, participants discussed mid- to long-term financial support strategies in response to the rising demand for financing in AI and energy transition sectors, as well as the deteriorating funding conditions in emerging markets. K-SURE highlighted its achievements in revising insurance systems to expand support for local banks, thereby enhancing cooperation with developing countries and assisting domestic banks in entering overseas projects.In the second half of the year, K-SURE plans to broaden its advance financial support to include resource acquisition projects and the Asian infrastructure market. It also aims to strengthen financial cooperation with international organizations such as multilateral development banks (MDBs) and reinsurance to expand the foundation for Korean companies to participate in overseas projects.Global banking representatives attending the event noted that due to the large scale and long investment recovery periods of overseas projects, it is challenging for private financial institutions to bear the risks alone. They emphasized that K-SURE's insurance and guarantees play a crucial role in supporting financial participation as a public export credit agency (ECA).Jang Young-jin, president of K-SURE, stated, "As funding is concentrated on a few large projects like AI, emerging countries continue to face difficulties in financing. We will bridge the gap in financial supply and significantly lower the barriers to mid- to long-term financing, providing a solid foothold for our companies to demonstrate their capabilities on the global bidding stage." 2026-09-15 14:12:00
New Evidence Emerges in Ose-hoon Trial Over Alleged Poll Payment Scheme A phone recording between businessman Kim Han-jung and Myung Tae-kyun has been submitted as evidence in the appeal trial of Seoul Mayor Ose-hoon, who is facing allegations related to the payment of opinion polls. The recording reportedly indicates that Mayor Ose-hoon did not commission the polls from Myung.According to legal sources on September 15, Kim's side, identified as a party involved in the alleged payment scheme, recently submitted the recording to the Seoul High Court's Criminal Division 7, which is handling Ose-hoon's appeal regarding charges of violating political funding laws. The court is expected to decide on the admissibility of this evidence on September 16.The recording captures conversations from March 6 and 13, 2021, prior to the April 7 Seoul mayoral by-election, during which Ose-hoon was selected as the candidate for the People Power Party and Ahn Cheol-soo was pursuing a unification effort.In the recording, Kim states to Myung, "I said, 'I will make sure the percentage (of support) comes out well,' based on what you told me, but the result did not turn out that way." He adds, "I wanted to help this guy, so I did the work myself, not because he wanted it, but I did it on my own."This suggests that while Kim commissioned the opinion poll that was supposed to favor Ose-hoon, the actual results did not meet expectations, implying that Kim acted independently rather than at Ose-hoon's request. This contradicts the prosecution's claim that Ose-hoon had Myung commission the polls and then had Kim cover the costs.Myung also remarked, "Ose-hoon did not directly introduce (Kim) to me," and added, "Regardless of Ose-hoon, my brother helped me out." This statement contradicts Myung's previous testimony to investigators, which suggested that Ose-hoon had introduced Kim as a potential financier.In a prior ruling, the first trial concluded that Ose-hoon had commissioned the polls from Myung and that Kim had paid 21 million won on his behalf, resulting in a fine of 10 million won, which disqualified Ose-hoon from holding office.* This article has been translated by AI. 2026-09-15 14:08:00
Mokpo Secures Ferry Route for Island Residents Through Collaborative Efforts Mokpo's ferry route for island residents, which faced potential disruptions due to the lack of an operator, will continue normal operations thanks to the collaboration between Mokpo's administrative department, the city council, and a private shipping company.In particular, Jo Yong-seon, head of Mokpo's Marine Development Division, has been recognized for his proactive efforts to secure operating compensation by negotiating with the city council and directly persuading the shipping company, highlighting a case of active administration.On September 14, Mokpo City signed a memorandum of understanding with Haejin Shipping to ensure stable operations for the Mokpo-Dalido-Jangjwa-Yuldo-Oedaldo route.Under the agreement, Haejin Shipping will operate the route regularly from September 20 until September 19, 2028.Haejin Shipping will manage passenger ferry operations and vessel safety, while Mokpo City will provide necessary administrative support to maintain the route's stability.The process leading to this agreement was not smooth.Due to the age of the ferries previously used on the route, it became necessary to secure a new operator. However, repeated attempts to solicit operators were unsuccessful, raising concerns about residents' access to transportation.Five calls for operators were made, but no participating companies were confirmed.The ferry serves as a vital public transportation link for residents of Dalido, Jangjwa, Yuldo, and Oedaldo, and any interruption in service could directly impact their daily lives.In response, Jo Yong-seon and his team engaged in discussions with the city council to secure operating compensation while continuing negotiations to find a new operator.Jo personally visited Haejin Shipping to explain the transportation needs of Mokpo's island residents and the importance of maintaining the route.The Mokpo City Council also supported these efforts, recognizing the need for budget allocation for operating compensation to ensure transportation rights for island residents, which laid the groundwork for negotiating specific operating conditions with Haejin Shipping.Ultimately, the route issue, which could not be resolved through solicitation alone, found a breakthrough through administrative and council budget support and negotiations with the private shipping company.Jo Yong-seon stated, "For island residents, the ferry is not just a transportation option; it is an essential means of daily life. We will work closely with Haejin Shipping to ensure the route remains stable and prioritize safe operations."The normalization of this route is significant not only for residents' transportation rights but also for boosting island tourism.With a stable regular route from Mokpo to Dalido, Jangjwa, Yuldo, and Oedaldo, accessibility to Mokpo's island areas, including Oedaldo, is expected to improve, aiding in attracting tourists.Mayor Kang Seong-hwi remarked, "For island residents, the ferry is an indispensable transportation means. We will spare no effort in providing administrative support to ensure safe and stable operations."Meanwhile, the Mokpo-Oedaldo route is a key transportation line for residents, connecting Dalido, Jangjwa, and Yuldo. With the agreement with Haejin Shipping, Mokpo City plans to maintain a regular operation system for two years starting on the 20th, focusing on securing a stable maritime transport network for residents and enhancing island tourism. 2026-09-15 14:04:20
Audit Office: Temporary Use Approval Possible for Yongin Semiconductor Plant The Audit Office has stated that temporary use approval for a semiconductor plant in the Yongin semiconductor cluster is possible, even before receiving quality certification for the fireproof filling structure, provided that safety is objectively confirmed. This measure aims to prevent delays in cleanroom operations due to related procedures and enhance the competitiveness of the semiconductor industry while ensuring facility safety. On September 15, the Audit Office released a pre-consultation case titled 'Reinforcement Construction of Fireproof Filling Structure and Temporary Use Approval Considering the Specificity of Semiconductor Plants.' Currently, construction of the semiconductor plant in the Yongin semiconductor cluster is underway, with a target to begin cleanroom operations by February 2027. The plant is required to install enhanced lightning protection systems to safeguard production facilities, which necessitates penetrating some fireproof filling structures and reinforcing those areas with steel plates and fireproof silicone. The fireproof filling structure is designed to prevent the spread of fire through gaps in fire compartments. However, it is expected that obtaining quality certification for the reinforced fireproof filling structure will take between six to ten months. In light of this, Yongin City applied to the Audit Office for pre-consultation on whether temporary use could be approved before quality certification. After reviewing relevant laws, the purpose of the temporary use approval system, and public interest needs, the Audit Office concluded that temporary use approval is feasible. The Audit Office stated, “If it is objectively confirmed that the reinforced fireproof filling structure meets or exceeds the fire resistance performance standards recognized by the Ministry of Land, Infrastructure and Transport, temporary use approval can be granted even before quality certification.” It was noted that the installation of enhanced lightning protection systems is essential, as lightning damage can affect not only production equipment but also the entire process. To ensure the shortest path for lightning current to flow to the ground through grounding electrodes, penetrating and reinforcing the fireproof filling structure is unavoidable. The Ministry of Land, Infrastructure and Transport is also considering easing regulations on inter-floor fire compartments, taking into account the unique characteristics of semiconductor plants, such as frequent piping changes. Delays in cleanroom operations due to the quality certification process could have a cascading effect on the investment of partner companies, impacting the industry as a whole. The Audit Office expressed hope that this pre-consultation will support the timely operation of semiconductor production facilities and ensure equipment safety from lightning and fire. They added, “We will proactively resolve issues to prevent delays in major national projects due to uncertainties in laws and administrative regulations.” * This article has been translated by AI. 2026-09-15 14:04:10
Ansan City Corporation Cleans Up 63 Block Area, Collects 3 Tons of Waste The Ansan City Corporation initiated an environmental cleanup on September 14 in the 63 Block area of Singil-dong, which has not seen development for an extended period. According to the corporation, over 30 employees participated in the cleanup activities at 63 Block, located near 1379 Singil-dong in Danwon District. This initiative aimed to reduce inconveniences for residents caused by household waste and illegal dumping from the long-abandoned site, while also improving the surrounding environment. The participating employees collected household waste, various debris, and fallen leaves over approximately three hours, amounting to the equivalent of two 1.5-ton trucks of waste. The corporation plans to continue regular environmental cleanup activities, rather than treating this as a one-time effort. In March, they addressed waste left over from winter, and in June, they focused on collecting weeds and household trash. Another cleanup is scheduled for November in preparation for the winter season. The corporation also conducts regular monitoring of vehicles that have been abandoned on the site, taking necessary actions in accordance with relevant laws. The corporation aims to prevent illegal dumping and reduce inconveniences for residents through regular site maintenance, while also continuing community environmental improvement activities involving employees. One resident expressed relief, stating, "Since this area has not been developed for a long time, I was worried about its maintenance. Seeing the cleanup efforts gives me peace of mind. I hope other residents will also take care not to litter." Meanwhile, Acting President Kim Cheol-yeon remarked, "Our employees directly participated in the cleanup to help alleviate the inconveniences felt by residents." He added, "We will continue our efforts for environmental improvement that residents can feel through ongoing maintenance."* This article has been translated by AI. 2026-09-15 14:04:10