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  • 300 Days After National Data Resource Fire, Public Institutions Struggle with Cloud Adoption
    300 Days After National Data Resource Fire, Public Institutions Struggle with Cloud Adoption Since the fire at the National Data Resource Management Center in Daejeon, the alternative proposed, the Daegu Public-Private Partnership (PPP) Cloud, has effectively become a backup zone for Daejeon, leaving many public institutions facing challenges in securing cloud services.Due to limited available space, only systems classified as high security are allowed to reside in the Daegu PPP zone. Institutions that do not receive this classification are forced to rely on private cloud services, leading to project costs increasing by tens of millions of won.As of July 22, the Daegu PPP zone only permits systems with a high importance rating for information systems.The National Data Resource Management Center argues that systems rated medium or low do not need to be housed in the Daegu PPP zone since they can utilize private cloud services. However, industry insiders believe that the restrictions on occupancy in the Daegu PPP zone are aimed at securing disaster recovery (DR) and redundancy space for systems lost in last year's Daejeon fire.The issue is particularly pressing for institutions that have established Information Strategy Plans (ISP) based on providing public services. High-security systems are, by definition, completely barred from offering services to the public via the internet. If reclassified as high security, the originally planned services become impossible. To move into Daegu, many public institutions must abandon public service offerings, leading them to either build their own clouds or outsource to private providers.Switching to private clouds does not resolve the issues either. The PPP zone has already attracted investment based on the demand from various public institutions, creating economies of scale. In contrast, the private sector remains hesitant to invest due to the uncertainty surrounding the influx of public institutions.As a result, some institutions are either directly investing or canceling projects altogether. Institution A had initiated an ISP project based on moving to the Daegu cloud, but after being denied entry, it faced additional costs in the tens of millions of won, leading to the cancellation of the original project. Institution B also decided to invest directly in cloud infrastructure, but it now faces the challenge of needing to revise its budget due to additional server investment costs.The burden of cloud infrastructure costs is expected to increase further due to rising semiconductor prices. With memory prices climbing, the cost of building server infrastructure is also rising, and expanding in-house server rooms to establish GPU infrastructure presents significant financial challenges.Many public institutions are struggling to operate GPU servers due to power capacity limitations. Industry insiders note that the cost of three years of cloud usage fees can equal the cost of purchasing GPU equipment, indicating that whether outsourcing or building in-house, avoiding rising costs is difficult.Network configuration issues also pose challenges. The National Data Resource Management Center operates separate networks for public, administrative, and internet use, while private clouds do not have such distinctions, effectively treating all areas as internet networks.The National Data Resource Management Center maintains that for medium and low-rated systems, utilizing private cloud systems is more cost-effective and efficient than moving to the Daegu PPP zone. This approach aligns with the current government's policy of expanding private-centered cloud services, according to political insiders.A representative from the National Data Resource Management Center stated, "In fact, we have opened the door for high-security systems that were previously unable to utilize private cloud services to now do so. The PPP zone was originally intended to facilitate the use of private cloud services for high-security systems." 2026-07-22 15:00:00
  • Borderline Koreans: too able to qualify, too slow to fit
    Borderline Koreans: too able to qualify, too slow to fit SEOUL, July 22 (AJP) - It is 2 p.m., and the lunch rush has cleared at Youth Mungan, a kimchi stew shop in Seoul's southwestern neighborhood of Nakseongdae. A young man moves from table to table, spraying sanitizer and wiping every corner with meticulous care. "Customers sit here," Kim Ji-woo, 27, said sheepishly. "Wiping it perfectly clean puts my mind at ease." He clears plates, relays orders to the kitchen and folds used aprons neatly onto a rack. Closing the dining room is his responsibility, and he follows the shop's step-by-step manual without missing a step. In the kitchen, two other young men scrub dishes and sort ingredients at the stew house, where rice refills are free. The plates never stop coming, and neither do their hands. At a glance, nothing seems unusual. But all three are what South Korea calls people with "borderline intelligence." One in seven, and uncounted The term refers to people with IQs between 71 and 84 — above the threshold of 70 for a registered intellectual disability but below the average range. In everyday language, they are commonly referred to as "slow learners." By the normal distribution of IQ scores, about 13.6 percent of the population falls within this range, according to a report by the National Assembly Research Service. That amounts to roughly 6.99 million people — about one in seven South Koreans — yet they remain absent from official national statistics. Because they sit just above the legal threshold for disability, they qualify for almost none of the welfare support guaranteed by law while continuing to struggle in ways most people do not. Kim first learned of his condition during a military physical examination, where a borderline result assigned him to alternative public service. After graduating from university, he worked 60-hour weeks at a family restaurant, where the head chef repeatedly scolded him for being "too slow" and nearly fired him. Jang Min-gyu, 25, discovered it at home. While washing dishes with his family, he noticed he always lagged behind. "I was trying to go fast," he said. "But to others it looked slow." A job that runs out when the program ends Youth Mungan grew out of a low-cost stew restaurant that Catholic priest Lee Moon-su opened after seeing a 2015 news report about a young man who died of starvation alone in his tiny room. Today the chain operates several branches that double as workplaces for slow learners. Lee Tae-gyun, the chain's team leader, points to one quality above all. "They may be a little slower with their hands, but there's no real difference," he said. "They take responsibility for their own work. Across every branch, their diligence stands out." Yet the limitations are just as evident. "We run this workplace, but I wish the internship system could extend to other companies," Lee said. "There is no dedicated work-experience track for borderline youth, and that's the shame of it." The shop is more than a restaurant. The young employees receive one-on-one counseling and attend crime-prevention classes — a response to how easily slow learners can become victims of fraud or exploitation. At Friends of Star, bread at their own pace The same concern surfaced a day later at Friends of Star, a small bakery tucked inside a café. One automatic oven, three whisks and shelves crowded with flour, sugar and nuts filled the room. On the steel counter, every measurement and every step was carefully written out. Lee Seung-woo, 26, was the day's lead baker; Ahn Hyo-je, 29, his assistant. The menu featured financiers and chocolate-almond cookies. Seung-woo measured and mixed while Hyo-je washed each bowl and prepared the next batch. Despite the air conditioning, sweat beaded on Seung-woo's forehead as the oven, preheated to 230 degrees Celsius, radiated heat across the kitchen. Friends of Star was founded in 2002 by psychiatrist Kim Hyun-soo for teenagers scarred by school violence. Today it serves a broader community of neurodiverse young people — some with disabilities, some with borderline intelligence, and others living with ADHD or depression. Both bakers fall into the borderline range. Seung-woo realized he was different when he could no longer keep pace with classmates in middle and high school. Hyo-je learned about her condition through her older sister but initially refused to accept it. "Hyo-je didn't want to admit she was a slow learner," said team leader Yoon Tae-hyun. "Then a city councilor visited, and she found the courage to speak up for slow learners. She struggled afterward because she felt nothing had changed. But here she is today, giving an interview in the middle of her shift." Seung-woo dreams of opening his own dessert café. "I bake financiers and tigrés at home too," he said. "Someday I want to open my own shop and sell them. The best moment is when people tell me they're delicious." Still searching for her own future, Hyo-je carefully measured sugar for the cookies. "It would be nice to become a music artist," she said. What they ask for is modest. "It's true we learn at a different pace," Ahn said. "But if we were given enough time and a chance to work, that would be enough." Yoon offered the harder truth. "There isn't even a law with the words 'borderline intelligence' in it in Korea," he said. "There are corporate placements and government programs, but once they end, nothing remains. There are almost no real jobs, and few workplaces that accommodate people who can work only three or four hours a day." Oreum Café: a workplace without borders The third day led to Oreum Café, tucked beside Yeonhui Forest Park behind Seodaemun District Office. An early rain had eased into a drizzle before stopping altogether as the café prepared to open. Before the 9:30 a.m. opening, Choi Yu-mi, 45, was already wiping down the outdoor benches. She switched on the lights, checked the milk and sparkling water, and assembled sandwiches with practiced precision. Yu-mi has worked here for a decade. Five days a week she opens the café from 9 a.m. until 1:30 p.m. That morning, as hikers and tourists streamed in, she handled every order by herself without another employee on the floor. She even took orders from foreign visitors in simple English. Yu-mi, too, is a worker with borderline intelligence registered through the center. "It used to be difficult working alongside other people," she said. "But now it's just me and my supervisor, and the work is much easier." Asked what she wished were different, she answered simply. "I'd like more customers." "The happiest moment is watching people enjoy the drinks and sandwiches." Unlike the previous two workplaces, which focused primarily on learning, Oreum Café felt much closer to the realities of the competitive workplace. Unless Yu-mi mentioned it herself, no customer would guess she had borderline intelligence. Where the diligent lose out Lee Do-hyung, team leader of the My Job Developing & Training Center running the café, described a side of employment the previous workplaces could not show. "At our sheltered workplace, people with disabilities who cannot compete in the open labor market receive vocational rehabilitation," he said. "Those who can maintain the work are hired through Oreum Café, our packaging business or Haha Bakery." The training begins with everyday skills — using a bank, avoiding phone scams — before participants sign employment contracts. Lee said that, in practice, welfare agencies rarely distinguish between borderline intelligence and developmental disabilities. "For the most part, borderline workers are more diligent and perform better on the job than workers with developmental disabilities," he said. The problem, he said, lies in how publicly funded jobs are allocated. Each year district governments recruit people with disabilities, offering half-day or full-day contracts financed with public money. Yet, Lee said, "people whose functioning is far below Ms. Yu-mi's can still earn more than she does every month." "For someone who can practically run a café alone, seeing others who struggle with basic tasks earn more for less work can feel deeply unfair — both to borderline workers and to developmentally disabled workers who are trying their best." "Giving those people opportunities is important too. But it's a painful reality that those opportunities don't always go to the people who could make the most of them." Even so, Lee draws a firm line. "It may sound harsh, but if someone here is late or careless, I don't overlook it," he said. "Turning up late without notice would earn a written warning anywhere else. Some believe they should be excused because they're disabled, but treating them differently is its own form of discrimination." "They're the same as us. Just a little slower." Between a number and a person For Jeong Ju-yeon, a social worker with more than a decade of experience, the problem begins with relying too heavily on a single IQ score. "IQ can be an objective reference," she said. "But it cannot explain a person's actual life or how much support that person needs." Her experiences reveal how prejudice often works. At one center, staff routinely ordered black-bean noodles for the entire group without asking what anyone wanted. When she asked one participant himself, he answered immediately. "Jjamppong." "Assuming disabled people cannot choose for themselves is a distorted prejudice," she said. She also remembers carrying a four-year-old up a mountain trail in a stroller. "It wasn't that he couldn't walk," she said. "He had simply never been given the chance." Her conclusion is straightforward. IQ should remain one reference point, but support should be based equally on adaptive skills and individual needs. Japan through school, Germany through work — and South Korea? Other countries have taken different approaches. Japan supports slow learners mainly through education, offering specialized instruction while keeping students integrated into mainstream classrooms. Germany emphasizes employment, with vocational schools such as Don Bosco extending practical training over three or four years in small groups. No country, the National Assembly report notes, provides cradle-to-grave support under a single law. But each offers some form of institutional footing. International research is moving in the same direction — away from defining borderline intelligence solely by IQ and toward assessing conceptual, social and practical functioning. South Korea has yet to follow. Local governments have introduced ordinances, but a national support bill remains stalled in the National Assembly. Meanwhile, the U.N. Committee on the Rights of Persons with Disabilities has warned that South Korea's IQ-centered medical model is falling behind international standards. When the guardians are gone Most of the young people encountered over three days were in their 20s and 30s. Yu-mi, at 45, was the oldest. No one working in the field had a clear answer about what happens afterward. It was the question Lee Do-hyung raised most carefully. "The biggest problem begins when a borderline person's guardians are no longer around," he said. "Those left alone fall outside the reach of help. There is almost no system for elderly people with disabilities, and beyond basic care they receive very little real support." That is why the center teaches practical skills every day — using a bank, avoiding scams, managing money. Ask workers how they would budget a monthly salary of 2 million won, and most cannot answer. Only the highest-functioning can make a rough calculation. Lee believes the attention society gives these young people should continue long after their youth has passed. "I wonder whether we can build a system that supports borderline people when they grow old," he said. "In the end, the most urgent issue is making a living. You need stable wages or income to survive. The reality is that even young borderline people rarely earn either." It is a question South Korea has yet to answer. Opening tomorrow's door Back at the stew house, at 4 p.m., the three young men prepare to leave together. Each folds the apron embroidered with his own name and carefully drapes it over a chair. Asked where they are going, they answer simply: "Home." Tomorrow will bring another busy shift. Yet showing no sign of the day's fatigue, they bow again and again, thanking everyone for the work. Then the three walk out the door side by side. Slow was never the same as less. What these young people lacked was never ability — only the chance to use it. 2026-07-22 14:58:34
  • Seoul to add ferries for summer island travel rush
    Seoul to add ferries for summer island travel rush SEOUL, July 22 (AJP) - South Korea will deploy seven additional reserve vessels and expand domestic ferry operations during the peak summer vacation season, as more than 855,000 passengers are expected to travel by sea to islands and coastal destinations, the Ministry of Oceans and Fisheries said Wednesday. The special transport measures will run from Saturday through Aug. 10. The ministry expects about 50,000 passengers a day to use coastal passenger ferries during the period, with demand projected to peak on Aug. 1 at around 71,000 passengers. Coastal passenger ferries in Korea refer to domestic passenger ships that operate between Korean ports, often linking mainland terminals with island destinations such as Jeju, Ulleungdo and Baengnyeongdo. They serve both tourists and island residents, for whom ferries are often an essential form of public transportation. To meet seasonal demand, the ministry will add seven reserve ferries and raise the number of sailings to 13,507, up 6.8 percent from regular levels. The summer measures come as domestic ferry demand has stabilized after several years of decline. According to the Korea Maritime Transportation Safety Authority, 12.6 million passengers used domestic passenger ferries in 2025, nearly unchanged from 12.63 million a year earlier, marking the first slowdown in the decline that began after 2022. Major tourist routes remain concentrated on Jeju and the western islands. In 2025, the Mokpo-Jeju route carried 677,000 passengers and the Jeju-Wando route 633,000, while the Incheon-Ijak and Incheon-Baengnyeong routes posted some of the largest year-on-year increases, with 279,000 and 277,000 passengers, respectively. During last year’s summer holiday transport period, the most heavily used routes were Jeju-bound services from Mokpo, Wando and Samcheonpo, which carried about 146,000 passengers. The Jeju routes benefited from the relative stability of car-ferry services, which are less affected by weather disruptions than smaller vessels. The ministry also plans to improve passenger convenience by adding Kakao Pay and an artificial intelligence chatbot to the ferry reservation website operated by the Korea Shipping Association. Ferry departure and arrival times, as well as information on whether vessels are expected to operate the following day, will be provided through the KOMSA website. 2026-07-22 14:57:35
  • Volvo Launches Affordable ES90 Electric Flagship in South Korea
    Volvo Launches Affordable ES90 Electric Flagship in South Korea Volvo Cars Korea has officially launched its next-generation all-electric flagship, the ES90, in South Korea. Priced in the low 70 million won range, it is the most affordable model globally. Although classified as an E-segment (mid-size sedan), its pricing rivals that of D-segment (compact) vehicles and its quality exceeds that of F-segment (large) cars, aiming to surpass the dominance of Tesla and the German trio of BMW, Mercedes-Benz, and Volkswagen in the premium electric vehicle (EV) market.On July 22, Yoon Mo, CEO of Volvo Korea, held a media briefing at the Grand Ballroom of the Grand Hyatt Seoul, stating, "The ES90 embodies all of Volvo's visions for electrification and software-defined vehicle (SDV) technology." He emphasized that considering Korea's global influence in the EV and SDV markets, the company negotiated for about six months to implement the lowest pricing strategy worldwide.The entry-level trim of the ES90 is priced at 72.94 million won. Yoon noted, "There has never been a case where the ES90 has been launched anywhere in the world for under 100 million won, and it is over 50 million won cheaper than in Europe, where it costs 130 million won. This pricing is also more than 18 million won lower than the S90 T8 (PHEV) model currently sold in Korea, representing a highly aggressive pricing strategy." He added, "Instead of focusing on profitability, we aim to expand sales volume to make Korea Volvo's number one premium EV market."The ES90 is an innovative model that combines the elegance of a sedan with the practicality of an SUV. It features a spacious interior with a 3.1-meter wheelbase and a clean Scandinavian design. To enhance passenger well-being, it comes standard with a four-zone automatic climate control system that filters out dust, pollen, and fine particles. The top-tier Ultra trim includes a 25-speaker Bowers & Wilkins audio system.The ES90 is the first strategic model featuring Volvo's SDV technology, developed in collaboration with Nvidia and Qualcomm. This next-generation intelligent platform allows the vehicle to think, process information, and act autonomously. It integrates Volvo's proprietary electric architecture, core computer, zone controller, and software into a single system. With a core computing performance of 254 trillion operations per second (TOPS) based on Nvidia's Orin, the vehicle can enhance its performance and features through software updates, providing passengers with an evolving experience in safety, connectivity, and user experience.Volvo's renowned 'safety space technology' has also been upgraded. Utilizing five cameras, five radars, and twelve ultrasonic sensors, the advanced sensing technology efficiently protects people inside and outside the vehicle. Next-generation pilot assist, blind-spot warnings, and steering assistance are among the safety features that can be tailored to driver patterns through AI-based machine learning. Additionally, the 'in-cabin passenger detection system' can sense pets, children, or infants left inside the vehicle, ensuring their safety.The vehicle will be available in three powertrain options: a rear-wheel drive single motor with a 92 kWh battery, an all-wheel drive twin motor with a 106 kWh battery, and a twin motor performance variant. With an 800V high-voltage system, it can charge from 10% to 80% in about 22 minutes in a fast-charging environment of up to 350 kW, and a 10-minute charge can provide a range of approximately 300 km. Prices range from 72.94 million to 95.41 million won.Since pre-orders began last month, the ES90 has already surpassed 1,000 units. Volvo Korea plans to increase annual sales of the ES90 to over 3,000 units by 2027, aiming for a total annual volume of over 10,000 units in the premium EV market. Yoon remarked, "Given that the value of the won has dropped by 16.1% compared to last year, the pricing of the ES90 means that the more we sell, the greater the losses will be. However, we have set an aggressive marketing strategy to lead the Korean electric sedan market, and we hope many Korean consumers will experience the ES90."* This article has been translated by AI. 2026-07-22 14:56:00
  • Blue House: President Lee Sets 1.77 Billion Won Mortgage, Waives Interest
    Blue House: President Lee Sets 1.77 Billion Won Mortgage, Waives Interest The Blue House stated that the 1.77 billion won mortgage set during the sale of President Lee Jae-myung's apartment in Bundang is akin to a bank loan, despite the different parties involved in the transaction.The Blue House also announced that the seller will not charge interest on the deferred payment from the buyer, indicating that the seller is acting as a bank but is choosing to forgo interest as a consideration for the buyer. Due to the interest-free nature of this arrangement, the Blue House acknowledged that it may be viewed as a form of 'gift' for tax purposes, but assured that it will be handled according to relevant regulations.On the same day, the Blue House explained the ongoing controversy regarding the apartment sale through its YouTube channel, 'Fact Factory.'Previously, President Lee sold the Bundang apartment for 290 million won, below market value, while setting a mortgage of 1.77 billion won against the property. This arrangement allowed the buyer to defer the final payment after the title transfer.The broadcast, hosted by Deputy Spokesperson Ahn Gyu-ryeong, featured Han Moon-do, an adjunct professor at Myongji University, who actively clarified the controversy. There was initial confusion regarding his title, as he was first introduced as a professor at Yonsei University, but later identified as an adjunct professor at Myongji University in the broadcast. He has also been described in other media as a professor at Seoul Digital University and is known to have pro-government leanings.Professor Han stated, "It appears that the president has shown consideration for the buyer," adding that the difference in the deferral period is not significant, being only three to four months rather than one to two years. He noted that if the buyer fails to pay the final amount on the due date, the interest amount is legally guaranteed and will be calculated as overdue interest.Regarding allegations of 'gap investment,' he emphasized that the area is designated as a land transaction permission zone, requiring local government residency verification. If the buyer does not move in within six months after payment, they would incur a penalty of up to 10% of the apartment's price annually, making gap investment impossible.Additionally, Professor Han explained that the president's decision to sell the property is in line with regulations allowing a homeowner to sell after ten years of ownership and five years of residence, stating, "Thus, there was no urgency to sell, and the president did not need to consider the buyer's situation."Meanwhile, the Blue House clarified in a media notice the day before that the mortgage was established to secure the unpaid balance due at the end of October, stating, "The title transfer was made considering the buyer's circumstances, and the mortgage was transparently established based on a civil agreement between the parties involved."The Blue House also emphasized that the president's residence is the couple's only home, where they have lived for 28 years, and that they sold it at a price lower than market value to demonstrate their commitment to normalizing the real estate market, foregoing potential profits from redevelopment.In response to allegations of personal connections between the buyer and the president, the Blue House stated, "The sale was conducted through standard real estate practices," and dismissed claims of any personal relationships or special connections as unfounded. 2026-07-22 14:56:00
  • Top AI Leaders Gather in U.S. as AI Stocks Face Significant Declines
    Top AI Leaders Gather in U.S. as AI Stocks Face Significant Declines Lee Jae-yong, chairman of Samsung Electronics, Chey Tae-won, chairman of SK Group, and Lee Hae-jin, chairman of Naver, are set to meet with Jensen Huang, CEO of NVIDIA, in the U.S. This meeting has sparked interest in whether it could trigger a rebound for domestic artificial intelligence (AI) stocks, which have recently plummeted. Concerns over a peak in AI investment have led to declines of 30% to 40% in the stock prices of Samsung Electronics, SK Hynix, and Naver compared to their 52-week highs, although analysts suggest that the recent corrections may be excessive.According to the financial investment industry on July 22, the meeting is expected to take place in a roundtable format near Silicon Valley this week. The meeting is likely to occur on July 24, with the potential attendance of Sam Altman, CEO of OpenAI, and Dario Amodei, CEO of Anthropic, also being discussed.This meeting is noteworthy as it comes amid significant investor anxiety regarding a slowdown in AI investments, which has severely dampened market sentiment.On July 21, Samsung Electronics closed at 259,000 won, marking a 30.8% drop from its 52-week high of 374,500 won. SK Hynix also saw a decline of 38.5%, falling from its 52-week high of 2,987,000 won to 1,836,000 won. Naver's stock price dropped to 193,000 won, down 36.5% from its 52-week high of 304,000 won.Foreign capital outflows have continued, with foreign investors selling 1.49 trillion won worth of Samsung Electronics and 2.29 trillion won worth of SK Hynix from June 19 to July 21, totaling approximately 3.78 trillion won in sales. In contrast, Naver saw a net purchase of 180.9 billion won during the same period.The recent sharp declines are attributed to concerns that the AI investment cycle may have peaked. Fears regarding the substantial capital expenditures of global tech giants and the potential for AI technology efficiency to lead to a slowdown in demand for GPUs and memory have weighed heavily on investor sentiment.However, analysts maintain that the fundamentals of AI investment and the memory market remain robust despite the stock price declines. Daishin Securities reported that the semiconductor market is experiencing an 'irrational stock price drop.' They forecast that prices for general DRAM and NAND will rise by mid-20% and mid-10% respectively in the third quarter, indicating continued strength in memory prices due to supply shortages.Concerns over a slowdown in AI investment may also be overstated. KB Securities estimates that AI investments by Google and Meta will reach 270 trillion won and 220 trillion won, respectively, this year. They argue that improvements in AI model efficiency do not necessarily lead to reduced investment; rather, they could expand overall memory demand through lower costs and increased usage.The earnings expectations for semiconductor companies remain strong. The consensus for Samsung Electronics' operating profit in the third quarter has been revised upward by 7.4% compared to a month ago, while SK Hynix's has increased by 4.4%. Despite stock prices falling over 30% from their peaks, earnings forecasts have actually improved.Market participants are keenly watching for messages confirming the sustainability of AI investments during this meeting. Samsung Electronics and SK Hynix play a crucial role in the global AI supply chain, particularly in high-performance memory such as HBM, while Naver is also expanding its AI infrastructure business.The securities industry suggests that if global AI companies announce plans for increased investment or further collaboration, it could help restore investor sentiment that has been negatively impacted by fears of a peak in AI investment. Given the solid earnings outlook and memory market conditions, this meeting could be a pivotal factor in addressing market skepticism regarding the sustainability of AI investments.* This article has been translated by AI. 2026-07-22 14:52:00
  • Deposit Rates Rise, But Loan Rates Climb Even Higher
    Deposit Rates Rise, But Loan Rates Climb Even Higher In response to the Bank of Korea's recent interest rate hike, major commercial banks have begun to raise their deposit rates. While this is welcome news for depositors, the increases vary by product. In contrast, mortgage and credit loan rates have surged even more significantly, increasing the interest burden for borrowers.As of July 22, KB Kookmin Bank has raised the interest rates on its key deposit products by 0.20 to 0.30 percentage points. This adjustment follows the Bank of Korea's decision to increase the benchmark rate by 0.25 percentage points on July 16.The interest rate for the flagship 'KB Star Time Deposit' with a one-year maturity has risen from 2.90% to 3.20%, marking the first time it has returned to the 3% range since February of last year. The maximum rate for the 'KB Clear Sky Savings' product will also increase from 3.25% to 3.45%.However, the increases are not uniform across all products. For the KB Star Time Deposit with a maturity of 24 months or more, as well as the KB Golden Life Pension Deposit and KB Clear Sky Savings, the increase was limited to 0.20 percentage points, which is 0.05 percentage points lower than the benchmark rate hike.Shinhan Bank has also raised the basic interest rates on 13 types of fixed-term deposits, including the 'Shinhan S Dream Time Deposit,' by 0.20 to 0.40 percentage points. Major savings products such as the 'Alsol Savings,' 'Shinhan Smart Savings,' and 'Shinhan MY Junior Savings' have seen a 0.20 percentage point increase. Woori Bank has raised the interest rates on its key deposit products, including time deposits and Woori Free Savings, by the same 0.25 percentage points as the benchmark rate increase.While deposit rates have begun to rise following the benchmark rate increase, loan rates have already surged significantly. Banks preemptively raised mortgage and credit loan rates in response to rising market rates and a tightening of household loan management policies before the benchmark rate hike.As of July 21, the fixed-rate mortgage rates at the five largest banks ranged from 4.79% to 7.52%. Compared to the end of May, the lower end has increased by 0.53 percentage points, while the upper end has risen by 0.42 percentage points. This increase is up to 2.1 times the benchmark rate hike of 0.25 percentage points. During the same period, the upper limit for variable-rate mortgage loans has also climbed to 6.58%.The increase in credit loan rates has been even more pronounced. The credit loan rates at the five largest banks now range from 4.72% to 6.27%, with the upper limit rising by more than 1 percentage point since the end of May. While deposit rates have generally increased by 0.20 to 0.30 percentage points, loan rates have risen much more rapidly.There are concerns that if the Bank of Korea raises the benchmark rate again this year, the upper limit for mortgage rates could enter the 8% range. Although the increase in deposit rates may slightly boost interest income, the burden of interest payments for borrowers could grow significantly.A financial industry official stated, “If deposit rates are raised significantly, the banks' funding costs will increase, which could ultimately lead to higher loan rates. Banks will adjust their rates based on the speed of loan growth and repayment levels.” 2026-07-22 14:52:00
  • Hugel Launches Letybo in Indian Market, Aiming for 9% Market Share
    Hugel Launches Letybo in Indian Market, Aiming for 9% Market Share Hugel has officially entered the Indian market with its botulinum toxin product, Letybo. The company aims to capitalize on the high growth potential of the Indian market while accelerating its expansion in the Asia-Pacific region.On July 22, Hugel announced its entry into the Indian market during the Global Aesthetic Summit (GAS), held from July 19 to 21 in Goa, India.Emerging markets are considered to have significant long-term growth potential due to rising incomes and access to affordable products. India, with a population of approximately 1.5 billion and a rapidly growing middle class, has seen a steady increase in demand for aesthetic medical services. However, the rate of botulinum toxin procedures remains low compared to the overall population. Hugel aims to achieve a 9% market share in the Indian aesthetic market this year as it seeks to establish a foothold.At the GAS, Hugel collaborated with local distributor Aca Medical to enhance brand awareness and build a network of key opinion leaders (KOLs). Benjamin Chan, a KOL from Australia representing Hugel, highlighted the predictable treatment outcomes associated with Letybo's narrow diffusion characteristics, underscoring the product's competitive edge.Hugel plans to conduct additional launch events and hands-on workshops with local distributors until July 24. The company intends to continue expanding academic exchanges with KOLs and strengthen its brand presence in the Indian market. This strategy will support Hugel's broader goal of expanding its business in the Asia-Pacific region and enhancing Letybo's competitiveness in the global market.Hugel CEO Jang Doo-hyun stated, "India is a market with a very high preference and interest in K-aesthetics. Leveraging our strength as the number one toxin brand in Korea for ten consecutive years, we will lead the expansion into the Indian market and secure new global growth momentum."* This article has been translated by AI. 2026-07-22 14:48:00
  • U.S. Faces Increased Military Burden with Houthi Threat Amid Iran Tensions
    U.S. Faces Increased Military Burden with Houthi Threat Amid Iran Tensions Concerns have been raised that the United States may face increased military burdens if it has to confront the Iran-aligned Houthi armed group in Yemen.According to Reuters on July 22, current and former U.S. officials warned that if the Houthis implement their announced maritime blockade against Saudi Arabia and the U.S. is compelled to respond, the burden on U.S. military resources and munitions could significantly increase.The U.S. military is already deploying substantial forces in a potential conflict with Iran. Currently, more than 20 U.S. Navy vessels and hundreds of military aircraft are stationed in the Middle East, with additional troops and equipment being moved into the region.Analysts suggest that if a front opens against the Houthis, it is likely that some U.S. military assets concentrated in the Gulf region will need to be redirected to the Red Sea and near Yemen.Jason Campbell, a former senior U.S. Defense Department official, noted, "To intercept Houthi missile and drone attacks and strike targets within Yemen, it may be necessary to reposition some U.S. Navy vessels currently deployed in the Gulf region."Additional intelligence and reconnaissance resources will also be required to assess the Houthis' weapon deployments and military capabilities.The depletion of missiles and air defense interceptors is another concern. If U.S. Navy vessels and aircraft continuously intercept missiles and drones launched by the Houthis, the already dwindling stock of U.S. missiles and interceptors could be exhausted more rapidly.The need for significant military resources for operations against the Houthis has been confirmed by previous instances. Last year, the U.S. conducted airstrikes against the Houthis for about two months, deploying two aircraft carriers, fighter jets, and B-2 strategic bombers, yet failed to completely eliminate the Houthis' maritime attack capabilities.Prolonged overseas operations also pose a burden. Some U.S. Navy vessels have been engaged in high-intensity operations in the Middle East for extended periods following missions in the Caribbean. Reuters reported, "As operations extend, the fatigue among service members accumulates, and the maintenance burden on vessels inevitably increases."Meanwhile, the Houthis declared on July 20 that they would block the loading and unloading of cargo ships at Saudi ports. U.S. President Donald Trump indicated on July 21 that the U.S. would respond if the Houthis interfere with shipping operations in the Red Sea.* This article has been translated by AI. 2026-07-22 14:44:00
  • LG Display CEO Jeong Cheol-dong: Excluding One-Time Costs, We Achieved Profit in Q2
    LG Display CEO Jeong Cheol-dong: Excluding One-Time Costs, We Achieved Profit in Q2 LG Display CEO Jeong Cheol-dong stated that the company achieved a real profit in the second quarter when excluding one-time costs related to voluntary retirement. He expressed strong confidence that performance will significantly improve in the second half of the year, which is typically a peak season.Speaking to reporters on July 22 after the 2026 Korea Display Industry Exhibition in Seoul, Jeong acknowledged that some may have been disappointed with the Q2 results, but emphasized that the one-time costs from workforce efficiency measures, including voluntary retirement, were reflected in the figures. He noted, "Even considering this, we are maintaining a profit trend for the first half of the year," indicating that the proactive costs for business improvement have led to solid results.LG Display reported a consolidated revenue of 5.6121 trillion won and an operating loss of 107.7 billion won for the second quarter. Revenue remained similar to the same period last year, while the operating loss decreased by about 7% compared to the previous year, narrowing the deficit.For the first half of the year, the company recorded a revenue of 11.1461 trillion won and an operating profit of 39 billion won, marking a return to profitability compared to the same period last year.Jeong stated, "Even when looking at the entire first half, we are clearly on a path of recovery in performance," confirming that the efforts to strengthen the business are yielding results.Regarding the outlook for the second half, he conveyed an even more positive message. Jeong said, "Due to the seasonal characteristics of the display industry, we expect the second half's performance to be significantly better than the first half," and pledged to focus the company's capabilities to meet market expectations with excellent results.He also addressed the increased external uncertainties due to rising memory semiconductor prices, which have raised cost pressures for finished product manufacturers and led to downward pressure on panel prices.Jeong acknowledged, "It is true that there are some effects from the surge in memory prices on the display market," but he expressed confidence, stating, "We have been continuously engaged in cost improvement activities based on technology, so we can sufficiently endure and overcome the current level of external variables."He also discussed advancements in next-generation technologies and new business plans, stating, "We are fully prepared to expand tandem OLED technology, which significantly improves the lifespan and power efficiency of organic light-emitting diodes (OLED), beyond existing IT and automotive products into the mobile sector, including smartphones."Additionally, he mentioned ongoing reviews of investments in 8.6-generation OLED and research and development of advanced technologies such as glass interposers, reinforcing the company's technological differentiation. Jeong emphasized, "In the future, we will continue to provide differentiated value to customers based on a transition to a high-value-added business structure and our unique technological capabilities."* This article has been translated by AI. 2026-07-22 14:44:00