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  • Korea Zincs Onsan Smelter Wins Top Award at 2026 Safety Training Center Competition
    Korea Zinc's Onsan Smelter Wins Top Award at 2026 Safety Training Center Competition Korea Zinc's Onsan Smelter announced that it won the top award at the '2026 Safety Training Center Best Practices Presentation Competition' held on July 20. The event was organized by the Ministry of Employment and Labor and hosted by the Korea Occupational Safety and Health Agency.The competition took place recently at KINTEX in Goyang, Gyeonggi Province, as part of the '2026 Industrial Safety and Health Month' events. It aimed to discover and share innovative and excellent training practices from recognized private safety training institutions.During the presentation, Korea Zinc's Onsan Smelter received high praise for detailing the establishment and operational achievements of its safety training center, which reflects the actual work environment and accident cases at the smelter, as well as its field-centered safety training system for employees and partners.To address the limitations of traditional theoretical training and enhance workers' risk awareness and emergency response capabilities, the Onsan Smelter began gradually building its experiential training facilities in 2023. The center was officially opened last year, and it has since expanded its training facilities and content, receiving recognition as a 'Safety Training Center' from the Korea Occupational Safety and Health Agency.The Onsan Smelter's safety training center features a total of 39 types of training equipment across six training zones, including protective gear, plant operations, construction, and fire and emergency response. The setup allows trainees to experience key hazardous situations that may occur on-site, such as chemical leaks, confined spaces, conveyor entrapment, crane lifting, falls from openings, scaffolding work, and fire suppression and evacuation.Kim Seung-hyun, head of the Onsan Smelter, stated, 'This award reflects our efforts to transform safety training from mere knowledge transfer to enhancing workers' behavioral changes and on-site response capabilities. We will continue to faithfully incorporate the actual work environment and feedback from the field into our training to strengthen the safety capabilities of our employees and partners.'Meanwhile, employees of the Onsan Smelter have been engaged in social contribution activities, including a recent volunteer event on July 8 at the Suyeon Rehabilitation Center, a facility for severely disabled children located in Ulsan's Ulju County, as part of their 'One Company, One Facility Warmth Sharing' initiative.* This article has been translated by AI. 2026-07-20 16:32:00
  • Kang Cheong-hee Takes Office as 11th Chairman of National Health Insurance Corporation
    Kang Cheong-hee Takes Office as 11th Chairman of National Health Insurance Corporation The National Health Insurance Corporation (NHIC) has officially launched under the leadership of its 11th Chairman, Kang Cheong-hee. In his inaugural address, Kang emphasized the importance of 'human dignity' and declared a new initiative called 'Reboot Health Insurance,' which aims to oversee health throughout the entire life cycle, beyond mere disease treatment. He also promised to break down barriers between medical care and support services by establishing a 'health welfare platform' and to innovate services through a transformation in artificial intelligence (AI). The NHIC announced that the inauguration ceremony for Chairman Kang was held on July 20 at its headquarters in Wonju, Gangwon Province. Kang is a healthcare expert with extensive experience, having served as the Vice President of the Korean Medical Association, the Director of the Health Center in Yongin's Giheung District, and the President of the Korean Public Organization Bank. Notably, Kang previously held the position of Executive Director of Benefits at the NHIC, where he oversaw insurance benefit policies and operations, making him a suitable candidate to lead the organization through its current challenges. In his inaugural speech, Kang reiterated the purpose of the NHIC, stating, "The corporation exists to protect the dignity of human life and ensure a decent life for the people." He asserted that 'human dignity' will be the starting point and ultimate goal of the corporation's future innovations. Kang also indicated that the NHIC would need to adapt to rapidly changing circumstances, such as entering a super-aged society. He remarked, "We cannot rely solely on past successes to secure the future," and emphasized the need to redesign the future of health insurance beyond merely responding to changes. He declared, "We will redefine the purpose of health insurance and innovate our services, organization, finances, and operations from the ground up, coining it 'Reboot Health Insurance!'" The vision of 'Reboot Health Insurance' aims to shift the paradigm from post-treatment to a focus on prevention and care. Kang stated, "Health insurance must evolve from a system that guarantees treatment to one that designs healthy living," proposing a life-cycle health assurance system that helps prevent illness and maintain health, while also taking responsibility for healthy aging and care. To achieve this, he introduced a plan for a 'people-centered health welfare platform.' Kang noted, "For the public, health and welfare do not exist separately," and pledged to dismantle the administrative barriers that divide these areas. He promised to create a national health welfare platform that connects medical care, long-term care, support services, preventive health, and mental health. Kang also expressed a strong commitment to digital innovation, stating, "AI is not a choice but a necessary standard of our time." He emphasized the use of world-class health insurance big data to predict disease risks and provide tailored health management services, while also managing financial leaks and improper claims more precisely. In conclusion, Kang urged NHIC employees to foster a culture of cooperation and mutual respect with labor unions, stating, "We will make human dignity the standard for all policies, open a new era with 'Reboot Health Insurance,' and transform the NHIC into a 'people-centered health welfare platform' to become the world's leading digital health insurance institution through AI transformation."* This article has been translated by AI. 2026-07-20 16:28:00
  • Small-Scale Redevelopment Projects Face Multiple Challenges Amid Loan Restrictions
    Small-Scale Redevelopment Projects Face Multiple Challenges Amid Loan Restrictions While large-scale redevelopment projects in areas like Yeouido and Seongsu attract significant interest from construction firms, small-scale redevelopment initiatives are struggling throughout the entire process, from relocation to sales. The restrictions on relocation loans are delaying project launches, and concerns over poor sales are further deteriorating project viability.According to the redevelopment industry on July 20, small-scale reconstruction and street housing redevelopment projects are more significantly affected by relocation loan restrictions than larger projects. The basic relocation loan is determined based on the assessed value of the property, but any additional relocation funds must be secured based on the contractor's creditworthiness and financial capacity.Large-scale redevelopments can more easily secure additional relocation funds by leveraging the credit and financial strength of major construction companies. In contrast, small-scale redevelopment projects, typically involving mid-sized and small construction firms, find it challenging to secure credit enhancements and additional funding. If additional relocation funds are not obtained, the relocation of members is delayed, which can push back demolition and construction schedules, increasing financial costs.In Seoul, there are already cases where project timelines are being disrupted due to issues with securing relocation funds. The A Moa Town project in Myeonmok-dong, Jungnang-gu, has completed its management plan approval but is facing delays due to relocation loan issues. After DL Construction stepped in with a payment guarantee, the project resumed, but the interest rate for additional relocation funds is around 7.5%, higher than the HUG guarantee products, increasing the financial burden on members.Small-scale projects on the outskirts of the metropolitan area face even greater challenges. A small-scale reconstruction project in Galsan-dong, Bupyeong-gu, Incheon, plans to rebuild 234 units after demolishing the existing 107 units, but the schedule for starting relocations has yet to be determined.An official from a small-scale reconstruction association in Gyeyang-gu, Incheon, who requested anonymity, stated, "The assessed value of the property is between 150 million and 200 million won, so the basic relocation loan that members can receive is only about 90 million to 120 million won. We received a response from Isu Construction that additional relocation funding is difficult, which is increasing the burden on members." He added, "If sales do not go smoothly and we have to offer discounts, it is highly likely that this will lead to additional contributions from members."Even after completing relocations and entering the construction phase, another variable remains: general sales. The Ojeong-dong Hyundai Housing and Street Housing Redevelopment Association in Bucheon has only secured contracts for three out of 16 units available for general sale. Industry experts attribute this to a combination of loan restrictions, a slowdown in local demand, and reduced investment interest.Experts point out that the viability of small-scale redevelopment projects can quickly fluctuate based on financial procurement capabilities and sales performance. While large projects can utilize the credit enhancements and brand competitiveness of contractors, small-scale projects have limited capacity to absorb increased financial costs.Kim Deok-rye, head of the Housing Research Institute at the Korea Housing Industry Institute, stated, "Relocation loan restrictions affect both large-scale redevelopment and small-scale projects, but the difference arises in the ability to secure additional relocation funds. Large construction companies can obtain additional financing based on their financial strength and creditworthiness, but mid-sized and small construction firms handling small-scale projects lack that capacity, leading to higher financial costs."He continued, "As financial costs rise, both project costs and sale prices increase, but small-scale projects in outer areas often struggle to find acceptance in the market. If additional relocation funds cannot be secured, projects are delayed, and even if they are secured, the burden of costs continues to repeat the dilemma." 2026-07-20 16:20:00
  • New Releases: Books You Cant Put Down
    New Releases: Books You Can't Put Down 상처와 결별하기=도종환 지음, 한길사. This essay collection by poet Do Jong-hwan explores the relationship between nature and humanity. As readers turn the pages, they find solace in the green rain that seeps into a parched heart. The author offers sentences that cool the boiling kettle of emotions. Do recounts hearing the phrase "You are finished now" multiple times throughout his life, whether during his time in prison for educational activism or when he became a member of the National Assembly. Despite these challenges, he views life as a long journey of repeatedly starting anew at the end of the road. He embraces his fate with humility, much like nature's greenery, believing that life, like flowers that bloom and wither, is a cycle of endings and beginnings. He quotes the philosopher Jeong Yak-yong, stating that recovery is not about returning to a state before the wound but about definitively breaking free from it. In an era filled with noise that incites hatred, he emphasizes the need for courage to confront inner wounds and the strength to begin again, asserting that literature can provide that power. The book discusses loss, aging, and the traces life leaves behind, reflecting on life through the lens of natural imagery, such as ginger flowers and evening primroses. The ginger flower, which blooms again when the time is right, symbolizes life's renewal, while the evening primrose and moth remind us that every being is precious. He encourages readers to embrace each other with kindness, just as good green tea is brewed from cooled water, and to live beautifully, revealing their lovely faces and hearts to the world. "In our lifetime, we will leave behind painful traces. We may leave behind shameful marks. There may be unquenchable grudges. If we think of these as karma that accumulates and leads to reincarnation, it can be unsettling. Will we all leave traces? Of course, we will. What kind of traces will we leave? That thought can be frightening." (p. 93) 햇생강이 나오면=강우근 외 22인 지음, 박준 외 엮음, 창비. This anthology brings together the freshest voices in contemporary Korean poetry. In celebration of the 60th anniversary of Creation and Criticism, it features works by 23 poets who have debuted within the last decade, including Kim Bona, Yoo Seon-hye, Lim Yu-young, and Joo Min-hyun. Each poet's work is paired with a short prose piece titled "To the Next Reader" by poets Park Jun, Ahn Hee-yeon, Hwang In-chan, and critic Song Jong-won, which aims to bridge the gap between poetry and its readers. The title is derived from the opening line of poet Nam Hyun-ji's poem "햇" (Fresh). Like fresh ginger just breaking through the soil, the poems in this collection awaken dulled senses with their sharp flavors. This book serves as a great starting point for readers who find poetry challenging, allowing them to explore 23 distinct voices and discover their preferences. The "To the Next Reader" sections resemble letters from fellow poetry lovers, offering hints on which lines to linger over and what emotions may be hidden within. "We tasted the sharpness of 'fresh ginger' in the sentences woven by 23 young poets. Sometimes, they pierce the monotony of daily life with pointed language, and at other times, they reveal the irony of our reality through cool black comedy. Yet, at the end of this spicy outpouring, there remains a strangely poignant fragrance and a transformative energy that awakens our old senses." (pp. 5-6) 포옹이 풀어지는 계절=김소연 외 지음, 아침달. The summer poetry collection The Season of Unraveling Embraces features a curated selection of poems from the first 55 volumes of the Morning Moon series, focusing on the essence of summer. Twenty poets, including Kim So-yeon, Kim Eon, Kim Young-mi, Sim Bo-seon, Oh Eun, Yoo Gye-young, and Yoo Hee-kyung, explore summer landscapes through various perspectives. "The sunlight is coming, the widening mouth of sunlight swallows the grass field. As we are pushed away by the sunlight, we gradually lose our walking space. Let’s go to a cool place. We advance further and further." (from 'Outdoor Walk')* This article has been translated by AI. 2026-07-20 16:16:00
  • Vietnams Football Team Faces Challenges Despite ASEAN Cup Success
    Vietnam's Football Team Faces Challenges Despite ASEAN Cup Success Vietnam's football team, led by coach Kim Sang-sik, is navigating both achievements and challenges. The senior team secured a 4-0 victory over Myanmar, boosting their confidence as they prepare for the ASEAN Cup. Meanwhile, the U23 team has been seeded for the 2026 Asian Games in Aichi and Nagoya, placing them in a favorable position for the group draw. However, underlying issues with defensive organization remain, and the possibility of facing tough opponents in the Asian Games looms.According to reports from Vietnamese football site Bongda.com on July 19, the U23 team has been assigned the top seed for the men's football draw at the 2026 Asian Games. This seeding places Vietnam alongside host nation Japan, China, and South Korea, allowing them to avoid facing these teams early in the group stage. This development provides a positive condition for coach Kim Sang-sik, easing the burden of early tournament management.However, being a top seed does not guarantee an easy draw. The second seed includes Uzbekistan, Saudi Arabia, the UAE, and Thailand, while the third seed features Iran, Kyrgyzstan, Qatar, and the Philippines. If Vietnam is grouped with Uzbekistan, Saudi Arabia, Iran, or Qatar, they could face significant pressure right from the group stage.Focus on U21 for ASIAD and Generational TransitionKim Sang-sik's strategy for the Asian Games aims to balance short-term results with a generational transition. The U23 team is set to travel to Japan, primarily featuring U21 players, as part of a long-term strategy looking ahead to the 2027 Southeast Asian Games, the 2028 AFC U23 Championship, and the 2028 Los Angeles Olympic qualifiers. The Vietnam Football Federation and Coach Kim may consider integrating some experienced U23 players to maintain balance within the young squad.The senior team's 4-0 victory over Myanmar has lifted the spirits of Kim Sang-sik's squad. In a friendly match held at the Thai Nguyen Stadium, goals from Suan Son, Suan Main, Hoang Hen, and Dinh Bac contributed to the decisive win. Following a training camp in South Korea, the team's attacking play has become smoother, and the diversity in scoring options was evident with four different players finding the net.Thai media also took note of Vietnam's performance. The Thai sports outlet Krianburiram praised the team, stating, "Vietnam is strong enough to deserve the title of Southeast Asia's number one." The outlet highlighted that Vietnam fielded a strong lineup, including key players and three Brazilian-born athletes, and analyzed that the comprehensive victory showcased the team's capabilities ahead of major tournaments.Myanmar's head coach Jorn Andersen acknowledged Vietnam's superiority after the match, stating that his team needs to learn more. This victory has been seen as a boost for both tactical preparation and psychological confidence for Vietnam.Defensive Issues Remain a ConcernHowever, for Coach Kim Sang-sik, the match against Myanmar was more of a test than a complete performance. While Vietnam dominated the game, they exposed gaps in their defensive spacing during counterattacks. Notably, towards the end of the first half, the midfielders advanced but failed to return quickly, leaving spaces in front of the three-man defense and on the flanks.This defensive issue could pose a greater burden in the ASEAN Cup. Although Myanmar did not demonstrate sufficient individual skill or finishing ability to change the game, Indonesia, Thailand, and Malaysia are teams that can capitalize on even minor mistakes. This is why Coach Kim and his staff need to analyze video footage to address spacing and transition speed in defense.Coach Kim's tasks are clear. The senior team must prove their status as a regional powerhouse through results, while the U23 team needs to develop young players for the international stage. On one front, there is the challenge of defending the ASEAN Cup title, and on the other, the need to build a foundation for the Asian Games and future Olympic qualifiers.Currently, Vietnamese football stands at a crossroads of praise and caution. The top seed assignment and the 4-0 victory are clear achievements for Kim Sang-sik's team, but the defensive organization and squad management will need further validation in matchups against stronger teams. The true test for Coach Kim is expected to begin once the excitement of the victory subsides.The men's football tournament at the 2026 Asian Games is scheduled to take place from September 15 to October 3 in Osaka, Toyota, Nagoya, and Kariya. Coach Kim will face the dual challenge of meeting expectations for results while preparing for the future.* This article has been translated by AI. 2026-07-20 16:16:00
  • Chinese Stocks Rebound After Government Intervention Amid Market Volatility
    Chinese Stocks Rebound After Government Intervention Amid Market Volatility On July 20, Chinese stocks rose after a four-day decline triggered by the impact of the Iran war and a correction in the semiconductor sector. The market rebounded following intervention measures from the securities authorities.The Shanghai Composite Index closed up 0.85% at 3,796.28, while the Shenzhen Component Index fell 0.70% to 13,610.23. The ChiNext Index increased by 0.42% to finish at 3,443.10.Earlier in the day, the Chinese stock market experienced a drop due to a sharp decline in the semiconductor sector. The upcoming listing of CXMT (Changxin Memory Technologies), a Chinese DRAM manufacturer, on July 27 has absorbed significant market liquidity, coinciding with a global correction in semiconductor stocks. The ChiNext, which is heavily populated by semiconductor companies, has fallen about 25% from its July peak. Additionally, ongoing military tensions between the U.S. and Iran, which have persisted for nine days, have led to disruptions in shipping through the Strait of Hormuz, contributing to rising international oil prices and further pressuring the Chinese market.However, news that the China Securities Regulatory Commission convened securities firms and asset management companies to discuss market stabilization measures helped turn the market around in the afternoon. Reports of state-owned investment firms purchasing large amounts of stocks to defend the market also boosted investor sentiment.On the same day, the People's Bank of China announced it would keep the benchmark interest rate unchanged for the 14th consecutive month. The Loan Prime Rate (LPR), which serves as the benchmark interest rate in China, remains at 3.0% for one-year loans and 3.5% for five-year loans. Despite the second quarter GDP growth rate coming in at a disappointing 4.3%, below expectations, analysts interpret the robust growth in exports and advanced manufacturing as a reason to delay any interest rate cuts.The power sector showed strong performance, with Huayin Electric and Leshan Electric hitting their daily price limits. News that Jiangsu Province recorded a peak electricity usage of 157.59 million kW on July 19, a record high, also served as a positive signal. Jiangsu is a hub for manufacturing and data centers in China, and the market interpreted this as an indication of rising electricity consumption nationwide, leading to an increase in power companies' stock prices.The baijiu sector also saw gains, with Gujing Gongjiu reaching its daily price limit and Jinhuijiu recording significant increases. Guizhou Moutai, a leading baijiu producer, announced on July 18 that it would raise the retail price of its flagship product, Feitian Moutai, from 1,539 yuan to 1,639 yuan. This price increase was seen by the market as a signal that the baijiu industry has hit bottom.Meanwhile, the People's Bank of China set the yuan's central parity rate at 6.7948 yuan per dollar, a slight increase of 0.0014 yuan from the previous trading day, resulting in a 0.02% depreciation of the yuan. 2026-07-20 16:16:00
  • Successful AX Projects Require Industry-Specific Design
    Successful AX Projects Require Industry-Specific Design As the adoption of generative artificial intelligence (AI) accelerates, companies are shifting their focus from "which AI model to use" to "how to effectively integrate AI into their operations." However, despite recognizing the importance of operational design, many attempts to apply the same design across all industries persist.For instance, approaches that have proven effective in finance are often directly applied to manufacturing, or data structures designed for retail are used in public institutions. The results are typically similar: while the technology is implemented, it fails to function effectively in real-world operations.According to global research, the failure rate of AI-driven digital transformation (AX) can reach as high as 70-85%, with significant disparities in AI adoption rates across industries, such as tech and finance (80-90%) compared to manufacturing and agriculture (20-50%). Through various AX projects across different sectors, it has become clear that even the same design principles require different applications depending on the industry, as the work structure, data formats, regulatory environments, and the entities utilizing AI vary.One common mistake in financial AX projects is prioritizing technology implementation over authority design. For example, automating contract reviews or implementing customer service AI often leads to issues during the operational phase due to unclear access rights and responsibilities, necessitating redesigns. Additionally, given the prevalence of scanned contracts and image-based financial and legal documents, it is essential to validate the parsing accuracy of document types and their conversion into AI-compatible formats beforehand.In public institutions, the accuracy of complaint processing and the consistency of administrative procedures are paramount. Therefore, AI must be designed not only to generate responses but also to indicate the regulations and documents that support those responses, while managing response histories. Furthermore, having personnel review AI results and make final judgments is crucial for enhancing acceptance in the field.A frequent error in retail AX is attaching AI before preparing the data. If product code systems differ across sources or if returns and exchanges are not accurately reflected in sales data, no matter how advanced the AI model, the results cannot be trusted. Most AI systems that are rejected in the field have skipped this critical step.In a project involving an e-commerce-based retailer that Redbrick participated in, the first step before applying AI was data integration. Product data, demand data, and regional sales data were dispersed across different systems, and connecting them into a single pipeline was a prerequisite. On top of that, the processes for product recommendations and promotional decision-making were redesigned. This comprehensive approach transformed a task that previously required multiple people several days into one that a single person could complete in a day.When initiating AX projects, Redbrick's first step is to understand the work structure, data environment, and regulatory context of the industry. Even when implementing the same functions, the designs for financial institutions and manufacturers must differ. Decisions on which areas to prioritize, how to structure data, and where to begin system integration must be tailored to the industry context.Redbrick's Forward Deployed Engineers (FDE) are deployed on-site from the project's outset to conduct interviews with stakeholders, analyze actual documents and data samples, and observe workflows to diagnose points of repetitive tasks, bottlenecks, and errors. They then evaluate potential tasks based on work frequency, time requirements, data preparation, expected benefits, and security and regulatory risks to establish industry-specific priorities.Pilots are designed to select a single task that can validate results within 4-8 weeks, establishing clear KPIs for processing time reduction, accuracy, and real-world usage rates. The FDE plays a crucial role in bridging the communication gap between operational staff and development teams, coordinating data refinement, authority structures, system integration, and validation processes. This approach creates an AX structure that not only implements technology but also ensures its integration and expansion in actual operations.In this process, a full-scale transition is not attempted all at once. Pilots are first executed in areas with high effectiveness and low risk, confirming trust in the field before expanding. This sequence is critical in increasing the actual usage rate of AI post-implementation.Many companies are already realizing that the success of AX projects depends more on how they are designed than on which AI model is used. However, this design must also vary by industry. Ignoring these differences and attempting to apply a single validated method across all sectors often results in technology being implemented but failing to operate effectively in practice. Successful AX projects do not begin with a good AI model; they start with a deep understanding of the industry and its specific context.* This article has been translated by AI. 2026-07-20 16:08:00
  • Real Estate Project Financing Shows Stability, But Local and Non-Residential Projects Struggle
    Real Estate Project Financing Shows Stability, But Local and Non-Residential Projects Struggle The real estate project financing (PF) market shows signs of stability in overall volume, but liquidity issues persist in vulnerable sectors such as local and non-residential projects. Delays in sales revenue are translating into financial risks for construction companies due to PF refinancing and guarantee burdens.According to the Financial Services Commission on July 20, the exposure to real estate PF at the end of the first quarter of this year was 169.8 trillion won, a decrease of 4.5 trillion won from the previous quarter. The new PF issuance amounted to 16.8 trillion won, an increase of 5.6 trillion won compared to the same period last year. Financial authorities noted that new funds are being supplied to sound projects.However, detailed indicators remain concerning. The delinquency rate for PF loans rose to 4.65%, an increase of 0.77 percentage points from the previous quarter, while the amount of loans with significant or potential default concerns increased by 1.7 trillion won to 16.4 trillion won. This indicates that the normalization of PF is not uniformly reflected across all projects.Market observers note a disparity in funding conditions between high-quality projects in Seoul and the surrounding metropolitan area and those in local, non-residential, and small construction firms. Funding is available for projects with verified locations and sales potential, while projects facing sales challenges often rely on bridge loan maturity extensions or support from affiliated companies.A notable example is Shinsegae Construction, which has been developing its own brand projects such as Billiv Heritage, Billiv Lucent, and Billiv Radice in Daegu. However, initial sales rates remained in the 20% range, leading to increased unsold inventory burdens. Korea Credit Rating Agency assessed that delays in the collection of construction payments and funding needs related to PF guarantees have heightened Shinsegae Construction's financial burdens.Last year, Shinsegae Construction reported an operating loss of 198.4 billion won and a net loss of 296.6 billion won due to the recognition of bad debts related to unsold and unoccupied sites after completion. As of the end of March this year, the amount of PF guarantees for contracted projects was 310 billion won, while the guarantee for interim payments from buyers was 342.4 billion won.In response, Shinsegae Construction has sought to secure liquidity through the issuance of hybrid capital securities, the sale of its leisure division, and the securitization of construction receivables. This year, E-Mart resolved to conduct a capital increase of 500 billion won.Non-residential projects also present burdens. Kumho Construction's exposure related to its Suwon officetel project is estimated at 214.8 billion won. Kolon Global's credit enhancement related to PF is about 1.4 times its equity, and the outstanding balance of loans related to maintenance and other projects is around 1.9 trillion won. The performance of sales and the speed of cash recovery for each project are expected to be key variables affecting future PF burdens.Industry experts emphasize that the overall reduction in the PF market should be viewed separately from the liquidity challenges faced by individual projects. Even if new funds are supplied to sound projects, local, non-residential, and small construction firms may see their construction and completion schedules disrupted if the transition to main PF is blocked.A real estate industry official stated, "If the transition to main PF is blocked for local, non-residential, and small construction firms, project schedules will inevitably be delayed. Support packages that include not just simple maturity extensions but also transitions to main PF, changes in construction companies, and adjustments to project structures are necessary."* This article has been translated by AI. 2026-07-20 16:08:00
  • Kwon Hyung-taek, Chairman of the Korea Technology Finance Corporation, Commits to Supporting SMEs
    Kwon Hyung-taek, Chairman of the Korea Technology Finance Corporation, Commits to Supporting SMEs Kwon Hyung-taek, Chairman of the Korea Technology Finance Corporation (KOTEC), stated on July 20, "I will do my best to ensure that the benefits of industrial transformation reach small and medium-sized enterprises (SMEs)."During a meeting with reporters at the Korea Federation of Small and Medium Businesses in Yeouido, Seoul, Kwon assessed that major industries such as artificial intelligence (AI), semiconductors, and defense are undergoing rapid changes simultaneously.He emphasized his commitment to fostering an environment similar to the early 2000s when many individuals left large corporations, banks, or government jobs to start their own businesses. "I will play a foundational role in creating that atmosphere again," he asserted.Kwon also highlighted the need to ensure that recent economic achievements do not solely benefit large corporations. He noted, "Behind the impressive results of major companies like Samsung Electronics and SK Hynix, there are many struggling SMEs. Developing policies that assist these businesses is a key priority."Regarding organizational management, Kwon stressed the importance of communication. He remarked, "It is an era where a leader cannot accomplish everything alone. I will actively communicate with employees and listen to diverse opinions through field engagement."However, when asked about the possibility of merging with the Korea Credit Guarantee Fund, he stated, "I have heard discussions about it, but I am still in the stage of understanding the operations, so I am not prepared to take a position. This is a matter that should be concluded through close consultation between the government and relevant departments, considering the nation's future and industrial competitiveness."Kwon was appointed as the new chairman of KOTEC on July 15, with a term lasting until July 14, 2029.A financial and public service expert with experience in both private finance and public institutions, Kwon is recognized for his understanding of the economic policy direction of the Lee Jae-myung administration.Born in 1968, he graduated from Daegu Youngjin High School and studied international economics at Seoul National University. He earned a master's degree in management information systems from the University of Michigan. His career includes roles at Woori Bank's Investment Banking Division, as a managing director at HSBC, head of investment management at C9 AMC, special advisor on economy, finance, and investment to the mayor of Incheon, vice president of Midan City Development, executive director of the Seoul Metropolitan Subway Corporation, CEO of the Gimpo Gold Line, and head of the Housing and Urban Guarantee Corporation (HUG). Recently, he served as an advisory member of the Economic Division of the National Planning Committee under the Lee Jae-myung administration.* This article has been translated by AI. 2026-07-20 16:08:00
  • Shinhan Bank Lowers Loan Barriers for Young People with Sunshine Loan Youth Support
    Shinhan Bank Lowers Loan Barriers for Young People with 'Sunshine Loan Youth' Support Shinhan Bank is launching a guarantee fee support program to ease the financial burden on young people facing economic difficulties.On July 20, Shinhan Bank announced an event to support guarantee fees for customers using its 'Sunshine Loan Youth,' a policy financial product aimed at young people.The Sunshine Loan Youth is a guaranteed loan product operated by the Korea Financial Services Agency to help college students and young adults overcome financial challenges.Eligible applicants include job seekers, recent graduates, and young entrepreneurs aged 19 to 34 with an annual income of 35 million won or less. Loans of up to 12 million won are available based on a guarantee from the Korea Financial Services Agency.Since July 15, Shinhan Bank has been processing new loans and will provide guarantee fee support of up to 100,000 won to customers who make regular payments on their guarantee fees and interest. The support will be applied automatically without a separate application process and will end once the budget is exhausted. The guarantee fee support will be paid at the end of the quarter following the loan's issuance date. Customers who take out loans in the third quarter (July to September) will receive the support funds by the end of December after meeting the eligibility criteria.A Shinhan Bank official stated, "This initiative was designed to provide practical support to young customers burdened by financial costs during their studies, job preparation, and early business stages. We will continue to expand inclusive finance to support young people's stable entry into society and economic activities."* This article has been translated by AI. 2026-07-20 16:08:00