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Kwon Hyung-taek Appointed as New Chairman of the Korea Technology Finance Corporation The Korea Technology Finance Corporation announced on July 15 that Kwon Hyung-taek, former CEO of the Housing and Urban Guarantee Corporation, has been appointed as its new chairman.Kwon, born in 1968, graduated from Daegu Youngjin High School and studied international economics at Seoul National University. He later earned a master's degree in management information systems from the University of Michigan.His career includes positions at Woori Bank's Investment Banking Division, as a managing director at HSBC, as a special advisor on economy, finance, and investment to the mayor of Incheon, as vice president of Midan City Development, as a permanent director at Seoul Metro, and as CEO of the Gimpo Gold Line. He also served as the CEO of the Housing and Urban Guarantee Corporation (HUG).Kwon is recognized for his balanced insights into finance and public service, having experience in both private enterprises and public institutions, along with strong organizational management skills as a CEO.The Korea Technology Finance Corporation began a public recruitment process for the chairman position after Kim Jong-ho's term ended in November 2024, but it was halted due to the declaration of a state of emergency on December 3. The process resumed a year later in December, but ultimately, candidates did not receive presidential approval, leading to the process being scrapped.Kwon stated, "The Korea Technology Finance Corporation must take the lead in driving the growth of future strategic industries such as artificial intelligence and deep tech, helping South Korea become a global leader in venture capital. I will do my utmost to strengthen support for innovative growth, including technology guarantees, commercialization, mergers and acquisitions (M&A), technology transactions, and technology protection, so that small and venture companies can emerge as key players in national economic innovation."* This article has been translated by AI. 2026-07-15 17:48:00 -
Justice Minister Jeong Seong-ho: No Innocent Victims Should Result from Abolishing Supplementary Investigation Rights Jeong Seong-ho, the Minister of Justice, emphasized the importance of ensuring that no innocent victims arise from discussions on abolishing the prosecution's supplementary investigation rights. Minister Jeong made these remarks during a full committee meeting of the National Assembly's Legislative and Judiciary Committee on July 15, responding to a question from Park Eun-jung, a member of the Justice Party. Park referenced past allegations involving former Vice Minister of Justice Kim Hak-eui and criticized the prosecution for conducting what she described as a "self-serving investigation." Jeong acknowledged that the Kim Hak-eui case was a "shameful incident involving prosecutors" and noted that political power and the prosecution colluded to cover up the case, leading to the silencing of victims' complaints. He pointed out that as a result, the Moon Jae-in administration initiated prosecution reforms, but these efforts were incomplete as some special cases remained under investigation. He added that with the change in government, prosecutors' investigative powers were fully restored, resulting in various aftereffects. However, Jeong expressed confidence that if the prosecution is restructured into a public prosecution office and its investigative functions are completely eliminated, issues of prosecutorial abuse of power from the past would not recur. He further stated, "If we are to proceed on the premise of abolishing supplementary investigations, we must ensure that there are no unjust victims among the 1% of cases. We need to create a system that meticulously screens police case handling to maximize the protection of victims' rights." Additionally, Jeong advocated for the necessity of a preliminary transfer system, where all cases investigated by the police would be reviewed by the prosecution. He explained, "The mere fact that the prosecution can review cases will help control arbitrary police investigations."* This article has been translated by AI. 2026-07-15 17:44:00
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Failed UAM demo exposes long road ahead for Korea's flying taxi SEOUL, July 15 (AJP) - South Korea's vision of launching urban air mobility services within two years suffered an awkward reality check Wednesday after the country's first public demonstration of a domestically developed air taxi failed to get off the ground. The unmanned aircraft remained firmly on the ground despite three attempts to take off during the K-UAM Flight Showcase at Incheon National University's INU Innovation Center. Organizers eventually called off the demonstration, citing rain and suspected radio interference. The showcase was intended to demonstrate South Korea's progress toward urban air mobility ahead of the 2026 Korea Drone & UAM Expo. Instead, it inadvertently revealed the formidable technological, regulatory and operational challenges that remain before air taxis can safely fly over crowded cities. The event had been scheduled about a week in advance, according to an official. But by 9 a.m., wind swept across the outdoor venue while a light drizzle began to fall, raising concerns over whether the aircraft would be able to fly at all. Organizers had been hoping for a brief 30-minute break in the weather around 10 a.m. As forecast, the rain eased shortly before the demonstration, allowing hundreds of visitors, government officials and students from Incheon National University and Inha University to gather around the fenced-off flight area. Then came the countdown. "Three, two, one." Nothing happened, and an awkward silence fell over the crowd including VIPs from the air force. The aircraft, known as the B-32-R2 and developed by Sambo Motors Group, had been programmed to lift off vertically under remote control and hover approximately five meters above the ground. After three unsuccessful attempts, organizers abandoned the flight. An event official said an unauthorized drone appeared to have entered nearby airspace shortly before the demonstration and may have disrupted radio communications. The official added that the interference did not appear to have originated from mobile phone signals. A Sambo Motors official said Wednesday's event effectively marked the company's first attempt to fly the aircraft in an urban environment. "Testing in a city was actually the first time for us," the official told AJP. "Until yesterday, we had tested the aircraft here and it flew without problems. But just before hovering today, unexpected signals started interfering." Previous test flights had been conducted in relatively isolated areas such as Taean, where radio conditions are far less congested than in metropolitan areas. The company said it still needs to analyze flight logs before determining the exact cause of the failure. But the official acknowledged that the current prototype relies on communication systems similar to those used by drones rather than fully aviation-grade flight-control networks. That admission highlighted one of the least visible but perhaps most fundamental obstacles facing the urban air mobility industry. While public attention often focuses on electric propulsion, batteries and aircraft design, reliable communications, navigation and flight-control systems will ultimately determine whether future air taxis can safely operate above densely populated cities filled with high-rise buildings, competing wireless signals and increasing numbers of drones. If a nearly one-ton unmanned prototype can be grounded by unexpected radio interference during a controlled public demonstration, commercial aircraft carrying passengers will require multiple layers of redundancy and significantly more robust aviation-grade systems before regulators allow routine operations. Joo Young-yeon, a senior research engineer at Sambo Motors Group, stressed that the aircraft displayed Wednesday is not intended to become the company's commercial passenger model. "This aircraft is a test vehicle," Joo said. "It is designed as a two-seat aircraft, but we are currently flying it without a pilot to verify key systems." He added that radio interference would have posed a different issue had a pilot been on board. "If a pilot had been onboard, radio interference would not have been the same kind of problem," he said. The B-32-R2 measures about 10 meters wide, 6.2 meters long and 3.2 meters high, with a maximum takeoff weight of 950 kilograms. Powered by eight electric motors, the aircraft is being used to validate flight-control technologies before Sambo Motors develops a larger commercial model. According to Joo, the company is already working on a three-seat aircraft weighing roughly 1.7 tons that is intended for eventual passenger operations. The company's development timeline also underscored a widening gap between government ambitions and industry expectations. The Ministry of Land, Infrastructure and Transport aims to launch South Korea's first urban air mobility services in 2028. Sambo Motors officials, however, acknowledged that their own commercial passenger aircraft is unlikely to be ready before 2030. That suggests the government's target is likely to consist of tightly controlled pilot operations rather than widespread commercial air taxi services. Indeed, the ministry's own roadmap envisions a much more limited initial rollout than the futuristic image often associated with flying taxis. Early operations will focus on sightseeing flights, regional connections and airport-linked routes within designated trial zones. Flights will operate only during daylight hours and favorable weather conditions. Only one aircraft will be permitted within each flight corridor at a time, with daily operations limited to no more than ten one-way flights. Aircraft will fly within designated corridors at altitudes between 300 and 600 meters, while individual routes will generally be limited to about 50 kilometers. In other words, the 2028 milestone represents the beginning of a carefully managed aviation trial rather than the arrival of flying taxis as a routine form of urban transportation comparable to buses, subways or conventional taxis. Sambo Motors is already identifying potential routes for those early operations. One possibility under consideration would connect Jamsil in southeastern Seoul with Incheon International Airport, covering approximately 65 kilometers. The company is also studying services in Busan, including routes linking Busan Port with Haeundae or Gimhae International Airport, where aircraft could fly largely over coastal areas with fewer obstacles than central Seoul. Company officials said vertiports would function much like railway stations for future air taxis. Although fares have yet to be finalized, the company expects prices to be comparable with—or slightly above—premium black taxi services. Executives also openly acknowledged that South Korea still trails leading urban air mobility developers in the United States, Europe and China. "Korea is not yet at the same level as global frontrunners," one company official said. "But we believe we can catch up as a fast follower by leveraging our strengths in batteries and manufacturing." Despite the failed demonstration, the aircraft continued attracting curious visitors throughout the day. Among them was seven-year-old Yoo Hee-chan, who had come with his parents and younger sister hoping to witness the country's vision of future transportation. "I've always liked drones," Yoo said. "I don't know exactly why, but they're cool." Although the aircraft never left the ground, he said he was not disappointed. "Even though it didn't take off, I still felt good," he said. Asked whether he would ride a flying taxi if one became available someday, Yoo answered without hesitation. "If there is really a flying taxi someday, I definitely want to ride it once," he said. "I want to experience it." His excitement captured the paradox facing South Korea's urban air mobility industry. Public imagination has already embraced the vision of flying taxis, but Wednesday's grounded demonstration showed that turning that vision into a safe, reliable commercial transport system will require far more than simply getting an aircraft off the ground once. 2026-07-15 17:39:07 -
Lotte World Aquarium unveils 'Aqua Gallery: Mulbit Garden' ahead of opening SEOUL, July 15 (AJP) - Models view freshwater fish at the new 'Aqua Gallery: Mulbit Garden' exhibition space at Lotte World Aquarium in Songpa-gu, Seoul, on July 15, 2026. 2026-07-15 17:33:06 -
Victims of Virtual Asset Voice Phishing to Receive Compensation Under New Law 금융위원회는 15일 '전기통신금융사기 피해 방지 및 피해금 환급에 관한 특별법 시행령' 개정안을 마련해 입법예고한다고 밝혔다. 피해자산 범위를 금전에서 가상자산까지 확대하는 내용의 특별법 개정안이 오는 10월 1일 시행되는 데 따른 후속 조치다. 이번 시행령 개정안은 피해환급자산의 환급 형태와 산정 기준을 구체화한다. 피해환급자산이 금전이면 금액 단위로, 가상자산이면 종류·수량 단위로 지급한다. 탈취당한 자산 형태와 사기이용계좌에 남은 자산 형태가 다를 경우 지급정지 시점의 자산 형태로 환급한다. 여러 형태가 혼재한 경우 금전은 금액으로, 가상자산은 지급정지 시점 시세로 평가한 금액을 기준으로 피해환급액을 결정한다. 가상자산 거래에 익숙하지 않은 피해자를 위한 장치도 마련됐다. 가상자산을 매도하고 그 대금을 금전으로 지급하는 업무를 전담하는 기관을 별도로 지정하도록 했다. 피해자가 가상자산 계정이 없거나 거래 경험이 없어도 피해금을 현금으로 돌려받을 수 있도록 한 것이다. 이번 시행령 개정으로 사각지대 범죄까지 잡아낼 수 있을 것으로 기대된다. 개정안은 다음 달 24일까지 입법예고를 실시한 뒤 개정 법 시행일에 맞춰 시행될 예정이다. 금융위 관계자는 "이번 개정으로 가상자산이 연루된 전기통신금융사기에 대해서도 피해자산 환급이 실효성 있게 이뤄질 수 있는 법적 기반이 마련될 것"이라고 밝혔다. * This article has been translated by AI. 2026-07-15 17:32:00
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Lotte World Aquarium unveils 'Aqua Gallery: Mulbit Garden' ahead of opening SEOUL, July 15 (AJP) - Models view freshwater fish at the new 'Aqua Gallery: Mulbit Garden' exhibition space at Lotte World Aquarium in Songpa-gu, Seoul, on July 15, 2026. 2026-07-15 17:31:56 -
Lotte World Aquarium unveils 'Aqua Gallery: Mulbit Garden' ahead of opening SEOUL, July 15 (AJP) - Models view freshwater fish at the new 'Aqua Gallery: Mulbit Garden' exhibition space at Lotte World Aquarium in Songpa-gu, Seoul, on July 15, 2026. 2026-07-15 17:30:17 -
Homeplus tenants protest in Seoul as ailing supermarket chain on verge of going bust SEOUL, July 15 (AJP) - More than 50 small business owners operating inside ailing supermarket chain Homeplus staged a protest in central Seoul on Wednesday. In a rally that gathered Homeplus-linked merchants and tenants from across the country, they demanded the government guarantee their right to continue operating and ensure payment of their unpaid dues. The massive rally came after Homeplus, whose court rehabilitation was terminated last week, abruptly suspended operations at all 67 of its stores nationwide on Monday, citing an inability to cover costs including electricity and gas bills. If no new buyer comes to the rescue or Homeplus fails to secure 200 billion South Korean won (about US$133 million) in funds before the court's July 20 deadline, the supermarket chain is expected to proceed toward liquidation. Kim Byeong-guk, who is leading the protesters, called on the supermarket chain's major shareholder, MBK Partners, to fulfill its responsibilities to the end, and urged the government to intervene before further damage occurs. The government is reportedly preparing around 440 billion won in relief funds to support small business owners on the brink of collapse. 2026-07-15 17:29:24 -
Lotte World Aquarium unveils 'Aqua Gallery: Mulbit Garden' ahead of opening SEOUL, July 15 (AJP) - Models view freshwater fish at the new 'Aqua Gallery: Mulbit Garden' exhibition space at Lotte World Aquarium in Songpa-gu, Seoul, on July 15, 2026. 2026-07-15 17:29:19 -
Daejeon's Aging Urban Renewal Project Selects 7,797 Housing Units Daejeon's urban renewal project is set to advance significantly. Three areas, including Dunsan and Songchon, Jungri, and Beopdong, have been selected as leading districts, totaling 7,797 housing units.The Ministry of Land, Infrastructure and Transport and Daejeon Metropolitan City announced that 5,252 units in two areas of Dunsan and 2,545 units in one area of Songchon, Jungri, and Beopdong have been designated as leading districts for urban renewal.In Dunsan, the 14th area, Hangaram and Gongjak Hanyang, with 2,454 units, and the 13th area, Mugunghwa and Clover, with 2,798 units, have been selected. In the Songchon, Jungri, and Beopdong area, the 6th area, Boram and Samik Sowol, includes 2,545 units.This selection marks the second designation of leading districts for aging urban planning outside the metropolitan area, following Busan. The Ministry believes this urban renewal project will serve as a catalyst for expanding efforts beyond the first-generation new towns in the capital region to major cities across the country.The application process for the leading districts in Daejeon took place from March 30 to April 3 this year. A total of 10 areas with 30,800 housing units applied, reflecting strong local interest in urban renewal.Leading districts are the first areas in Daejeon to establish special renewal plans and initiate projects. The Ministry and Daejeon City plan to apply the experiences gained in planning, community participation, and project management from these leading districts to other planned renewal areas in Daejeon and nationwide urban renewal projects.The Ministry will support the entire process from the establishment of special renewal plans to project implementation, starting with these leading districts. Beginning in August, a 'Future City Support Center' will be launched to provide explanations and one-on-one consultations for residents and local government officials in collaboration with organizations such as the Korea Land and Housing Corporation, the Korea Real Estate Agency, and the Korea Research Institute for Human Settlements.This initiative aims to facilitate the smooth progression of subsequent procedures, including the establishment of special renewal plans, designation of special renewal areas, and project implementation approvals.As Daejeon's Dunsan area is a key residential district, the advancement of the leading district's renewal could serve as a benchmark for the success and pace of future reconstruction projects in aging urban areas.Yoon Young-jung, Director of Housing Maintenance Policy at the Ministry, stated, “The selection of Daejeon's leading district is a significant advancement in the nationwide expansion of urban renewal projects, following the first-generation new towns in the capital region and Busan.”He added, “The government will closely support the entire process from planning to implementation to ensure that the leading district becomes a representative success model for revitalizing aging urban areas.”The Ministry plans to sequentially designate leading districts in Incheon in the second half of this year, further expanding urban renewal projects nationwide.* This article has been translated by AI. 2026-07-15 17:28:00