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  • Rising Burden of Home Loan Interest Rates as COFIX Increases for Three Consecutive Months
    Rising Burden of Home Loan Interest Rates as COFIX Increases for Three Consecutive Months The COFIX (Cost of Funds Index), a benchmark for variable interest rates on home loans in South Korea, has risen for three consecutive months, increasing the financial burden on borrowers.According to the Korea Federation of Banks, the COFIX for new loans in June was recorded at 3.05%, up 0.15 percentage points from the previous month’s rate of 2.90%.This marks the first time since January 2022, when it was 3.08%, that the new COFIX has surpassed the 3% threshold. The index has been on the rise since April.The balance-based COFIX increased from 2.89% to 2.94%, while the new balance-based COFIX rose from 2.50% to 2.54%.COFIX represents the weighted average interest rate of funds raised by eight major banks in South Korea. A decrease in COFIX indicates that banks can secure funds at lower interest rates, while an increase suggests the opposite.With the COFIX rising, borrowers, particularly those who have taken out loans under the “영끌족” (young people who borrow heavily), will face higher interest payments. Major banks are expected to reflect the newly announced COFIX rates in their variable interest rates for new home loans starting from the 16th.At KB Kookmin Bank, the variable interest rate for new loans based on the COFIX will increase from a range of 4.06% to 5.46% to a range of 4.07% to 5.47%. Similarly, the interest rate for jeonse loans (long-term lease loans backed by the Korea Housing Finance Corporation) will rise from 3.7% to 5.1% to 3.71% to 5.11%.Woori Bank will also see an increase in its variable interest rates for new loans based on the COFIX, from 4.37% to 5.57% to 4.38% to 5.58%.* This article has been translated by AI. 2026-07-15 15:44:00
  • National Assemblys Legislative Committee Approves Comprehensive Special Prosecutor Bill
    National Assembly's Legislative Committee Approves Comprehensive Special Prosecutor Bill The National Assembly's Legislative and Judiciary Committee approved a comprehensive special prosecutor bill on July 15, led by the Democratic Party. The bill aims to extend the investigation period for three major special investigations, including those related to insurrection, Kim Geon-hee, and Chae Hae-byeong, and to expand the investigative personnel.Kim Seung-won, a Democratic Party member of the committee, announced during the full committee meeting, "We have prepared an alternative to the 'Partial Amendment to the Law on the Appointment of Special Prosecutors for the Investigation of Insurrection, Foreign Exchange, and State Affairs Manipulation by Yoon Seok-yeol and Kim Geon-hee,' which I co-sponsored with fellow Democratic Party member Kang Deuk-gu."He explained, "We have expanded the number of dispatched public officials from a maximum of 130 to 150, allowing for the investigation period to be extended by up to 30 days twice per session with presidential approval." If the bill passes the National Assembly, the investigation deadline is expected to be updated from July 24 to August 23.Additionally, he noted that the bill allows for the efficient investigation of the comprehensive special prosecutor by providing access to copies of records from the three major special investigations.Meanwhile, there was a heated debate among committee members regarding a proposed amendment to the Criminal Procedure Act that would abolish supplementary investigative powers. Within the ruling coalition, there are differing opinions on completely abolishing these powers while maintaining some exceptions for victim protection.Notably, members of the People Power Party boycotted the meeting in protest of the committee's composition.* This article has been translated by AI. 2026-07-15 15:40:00
  • KOSPI Surges 6.24% to Recover 7280 Level as Foreign Investors Buy 2.3 Trillion Won
    KOSPI Surges 6.24% to Recover 7280 Level as Foreign Investors Buy 2.3 Trillion Won The KOSPI index rebounded sharply by over 6% in a single day, recovering the 7280 level, driven by significant buying from foreign investors.On July 15, the Korea Exchange reported that the KOSPI closed at 7284.41, up 427.58 points (6.24%) from the previous trading day. Foreign investors made a net purchase of 2.33 trillion won, while institutional investors also bought a net 183.1 billion won. In contrast, individual investors sold a net 2.47 trillion won, taking profits.Most of the top stocks by market capitalization on the KOSPI saw substantial gains. SK Square surged 16.13%, followed by Samsung Electro-Mechanics (12.14%), SK Hynix (8.83%), Samsung Electronics (6.27%), Samsung Life Insurance (6.47%), Samsung Electronics Preferred (5.38%), LG Energy Solution (4.04%), Hyundai Motor (2.24%), Samsung Biologics (1.10%), and KB Financial (0.89%).The KOSDAQ index also rose, closing at 829.43, up 45.45 points (5.80%) from the previous day. In the KOSDAQ market, institutional and foreign investors bought a net 108.5 billion won and 24.2 billion won, respectively, while individual investors sold a net 140.7 billion won.Most of the top stocks by market capitalization in the KOSDAQ showed strong performance. Wonik IPS rose 12.27%, followed by EcoPro (9.23%), JUSUNG Engineering (8.77%), EO Technics (7.84%), EcoPro BM (7.37%), Rainbow Robotics (7.37%), Kolon TissueGene (6.86%), Rino Technology (6.57%), and Alteogen (3.22%). PSK also saw a slight increase of 0.49%.* This article has been translated by AI. 2026-07-15 15:40:00
  • President Lee: Remaining 3 Years and 11 Months Are Crucial Amid Fake News
    President Lee: Remaining 3 Years and 11 Months Are Crucial Amid Fake News 이재명 대통령은 15일 "지금까지 1년이 지나면서 많은 성과를 내주셨고, 잘해주셨다"며 "이제 앞으로 더 남아있는 기간, 3년 11개월쯤 기간이 더 중요하다"고 말했다.이 대통령은 이날 오전 청와대 영빈관에서 열린 재정경제부(국세청·관세청·조달청)·국가데이터처·금융위원회·기획예산처 등 기관 업무보고 모두발언에서 "개혁과 혁신, 두 가지가 모두 잘 돼야 할 텐데 지금까지의 흐름으로는 잘 가고 있다고 생각된다"며 이같이 밝혔다.이 대통령은 "국정기획 목표에 우리가 부합하게 장기 정책 집행 준비도 잘해야 하고, 기존에 우리 안에 있던 문제를 시정하는 일도 잘해야 한다"고 당부했다.특히 이 대통령은 지난달 연평부대 방문 당시 자신이 사용한 소총을 다룬 언론 보도를 가짜뉴스의 사례로 들었다. 해당 보도는 국군이 낡은 소총을 사용하는 상황에서 이 대통령이 일선에 충분히 보급되지 않은 최신 소총을 사용했다는 취지였다.이 대통령은 "대한민국 국군 17만명에게 지급돼 거의 보편화된 총기인데 그런 엉터리 기사를 써서 정부를 공격하는 일도 있었다"며 "대한민국의 소총은 싸구려 옛날 소총인데 대통령은 자기 혼자 비싼 소총을 가지고 자랑한다는 기사를 1면에 쓰는 언론도 있었다"고 지적했다.이 대통령은 "영향력 있는 가짜를 즉각 분석하고 팩트에 기반해 반론하는 것도 시스템적으로 할 수 있을 것 같다"며 "가짜뉴스가 온 세상을 어지럽히고 있고 공동체를 파괴할 정도로 적대적이고 대결적인 문화를 만들어내고 있다"고 비판했다.이날부터 시작되는 업무보고는 '삶으로 체감하는 대체불가 대한민국'을 슬로건으로 총 9차례에 걸쳐 진행된다.정책 점검을 넘어 국민이 직접 정책 결과와 계획 발표에 참여할 수 있도록 국민참여단 200여명을 선발해 업무보고에 참여할 수 있게 했다.청와대에 따르면 지난 7월 1일부터 6일까지 대통령 페이스북·유튜브·엑스(X·옛 트위터)·인스타그램 등을 통해 모집한 국민참여단은 중복 신청자를 제외하고 총 1259명이 신청해 약 6.3대 1의 경쟁률을 기록했다. 청와대는 업무보고마다 약 20여명을 선발해 업무보고에 함께할 수 있도록 할 예정이다. 이날은 20대 4명, 30대 1명, 40대 6명, 50대 10명, 60대 1명으로 구성된 참여단이 배석했다.지원 현황을 보면 교육부 지원자가 209명으로 전체의 16.1%를 차지해 가장 많았다. 이어 국토교통부 108명, 보건복지부 107명 순이었다. 연령대로는 40대가 340명으로 가장 많았고, 이어 30대 307명, 50대 291명, 60대 175명, 20대 159명, 70대 23명으로 집계됐다. 직업군은 직장인, 자영업자, 프리랜서, 학생, 주부 등으로 다양했다.청와대 관계자는 "국민주권정부 철학에 발맞춰 국민참여단은 대통령과 함께 부처로부터 업무보고를 직접 받고 현장의 시각에서 자유롭게 질의하거나 제안하는 시간을 가질 예정"이라고 설명했다.한편 이 대통령은 이날 업무보고가 끝나고 점심 시간 이후 청와대 춘추관을 '깜짝 방문'해 출입기자들과 70여분 동안 소통 자리를 가졌다.이 대통령이 청와대 기자들과 공식 간담회가 아닌 비공식 소통 자리를 가진 것은 올해 들어 처음이다. 이 대통령은 지난해 12월 청와대로 집무실을 이전한 직후 춘추관을 한 차례 찾아 기자들과 소통한 바 있다. 2026-07-15 15:40:00
  • Financial Commission Tightens DSR Income Assessment Amid High Bonuses
    Financial Commission Tightens DSR Income Assessment Amid High Bonuses The Financial Commission is strengthening the debt service ratio (DSR) income assessment to prevent high bonuses for executives at major companies like Samsung Electronics and SK Hynix from leading to temporary increases in loan limits. This initiative follows President Lee Jae-myung's directive that "no one should die or be isolated from society due to debt." The commission is also working to institutionalize the regular disposal of long-term delinquent debts within financial companies.On July 15, the Financial Commission outlined these plans during a presidential report held at the Blue House, marking the first such meeting in seven months since December.The commission aims to block instances where executives receive substantial bonuses and subsequently increase their mortgage loan limits significantly. This measure is based on the concern that one-time income could inflate borrowing capacity and increase capital inflow into the real estate market.Currently, if a person's income rises by more than 20% from the previous year due to one-time factors like bonuses, loan limits are calculated based on the average income over the past two years. The Financial Commission is considering extending this assessment period to three years. If this change is implemented, recognized income could decrease, potentially reducing loan limits by tens of millions to hundreds of millions of won for borrowers.Additionally, the commission plans to tighten capital regulations on mortgage loans for high-value property owners, multiple property owners, and borrowers with excessive loans relative to their income. This is intended to prevent household loans from concentrating in the real estate market and to alleviate the financial burden on financial institutions.After receiving the report, President Lee emphasized the need for more aggressive management of debt adjustment and delinquent debt disposal systems. He remarked, "In our country, we are strangely harsh on debt forgiveness, which often leads to financial situations that can be fatal for individuals." He added, "If someone becomes a credit delinquent over a few million won, they may struggle to find employment or even open a bank account. Who can endure that?" He noted that financial institutions should anticipate a certain percentage of defaults when issuing loans and reflect that cost in interest rates.In response, Financial Commission Chairman Lee Ok-keun stated, "We will institutionalize the regular disposal of long-term delinquent debts within the financial system."The Financial Commission also plans to expand the National Growth Fund from 150 trillion won to 200 trillion won and include new strategic industries such as aerospace in its support targets. The scale of direct equity investments will increase from 3 trillion won to over 5 trillion won annually.Next year, the commission intends to establish a specialized management company, tentatively named 'Korea Strategic Technology Partners,' to support companies holding core technologies with up to 10 trillion won. To support the establishment of a '5 poles and 3 specialties' system, the annual regional investment scale will increase from 12 trillion won to 16 trillion won, and a separate regional fund of 1 trillion won will be created.In the capital market sector, the commission aims to implement a 'segment separation system' to distinguish between excellent and general companies by January next year. Starting this month, it will strengthen the delisting criteria for underperforming companies, such as penny stocks, and plans to expand tailored technology special listings in the second half of the year to support innovative companies' entry into the stock market. 2026-07-15 15:40:00
  • Ruling Party Leadership Visits Flood Control Construction Site in Seoul
    Ruling Party Leadership Visits Flood Control Construction Site in Seoul The leadership of the People Power Party visited a flood control construction site in downtown Seoul on July 15 to assess the city’s flood safety measures and explore ways to minimize flood damage. Jung Jeom-sik, the party's floor leader, urged that safety be prioritized and that construction proceed without delays.On this day, Jung visited the construction site of the Gwanghwamun deep tunnel rainwater drainage project in Jongno-gu. The tunnel, being built 70 meters underground in the Jongno and Jung districts, will have a storage capacity of 122,000 cubic meters and a total length of 2.3 kilometers. It is expected to be completed by January 2030 and will help channel rainwater to Cheonggyecheon stream. The city plans to construct deep rainwater drainage tunnels in four areas prone to flooding during the summer, including Gwanghwamun, Gangnam, Dorimcheon, and Isu, to reduce flood risks.The party leadership descended to the vertical shaft, where excavation has reached 30 meters deep, to inspect the situation firsthand. After learning that a test blast had been conducted the previous day, Jung inquired whether vibrations or noise were felt in nearby buildings during the blast.After the site visit, Jung spoke with reporters, expressing regret that such construction had not started sooner. He noted, "However, since Mayor Oh Se-hoon took office and initiated this project, once completed, Seoul citizens will be able to live without the fear of flooding."He added, "The government exists to protect the lives and property of its citizens," urging that all necessary measures be taken to ensure that citizens can live without worry during the rainy season or heavy downpours.Accompanying him, Kim Mi-ae, the party's deputy floor leader, emphasized that there should be no division between the ruling and opposition parties when it comes to establishing disaster prevention infrastructure for public safety. She pledged to actively support necessary budgets while ensuring that any issues raised during the project are thoroughly addressed to ensure timely completion.During this site visit, the leadership also reviewed the response systems of local governments in preparation for the summer monsoon and heavy rainfall.They showed particular interest in the companion partner system, which assists vulnerable populations during flooding. Kim highlighted the need for a system that ensures safe evacuation for individuals with disabilities or the elderly, who may have slower mobility during heavy rains.Meanwhile, the city of Seoul plans to strengthen its prevention and response systems in areas at risk of flood damage, enhance on-site response capabilities through public-private cooperation, and minimize citizen damage through data-driven forecasting and monitoring.* This article has been translated by AI. 2026-07-15 15:36:00
  • Grounded by silence: Waiting for Koreas flying future
    Grounded by silence: Waiting for Korea's flying future INCHEON, July 15 (AJP) - The future of Korean aviation spent Wednesday sitting quietly on a launch pad. It was supposed to rise above Songdo's skyline at 10 a.m. Instead, it never left the ground. Long before the scheduled demonstration, spectators, engineers, investors and journalists gathered outside the INU Innovation Center at the University of Incheon. A steady drizzle swept across the flight zone as umbrellas dotted the viewing area, prompting quiet speculation over whether the weather would spoil South Korea's first public flight demonstration of a privately developed urban air mobility aircraft. Then came an unexpected twist. Just before 10 a.m., the rain stopped. The clouds remained low, but the air grew still. Umbrellas disappeared almost simultaneously as camera lenses replaced them. Television crews adjusted tripods. Photographers crouched along the safety barriers searching for the perfect takeoff angle. Smartphones rose above the crowd. At the center of every lens stood a sleek white aircraft developed by Sambo Motors Group, its multiple rotors poised for vertical flight. Nothing happened. Ten minutes passed. Then twenty. Then forty. The aircraft remained perfectly still, its propellers silent against a grey sky. Around it, however, the scene never stopped moving. Engineers repeatedly approached the aircraft, checking instruments before stepping back. Event staff hurried between control stations speaking into radios. Organizers periodically addressed the waiting crowd, promising another update in a few minutes. The audience developed its own rhythm of patience. Some checked weather apps. Others refreshed social media. Several university students who had slipped out between classes lingered for as long as they could before reluctantly returning to campus buildings overlooking the flight site. Professional photographers kept their long lenses trained on the aircraft, unwilling to risk lowering them in case the rotors suddenly sprang to life. They never did. Eventually came the announcement. The demonstration would be postponed until Thursday after radio signal interference prevented a safe flight. Sambo Motors officials said the aircraft had successfully completed earlier demonstration flights in Taean and had flown without incident during rehearsals only a day before. Engineers will analyze flight data before attempting another public flight. Disappointment rippled through the crowd. But few people left immediately. Instead, many walked closer to the aircraft, photographing details that would have disappeared into the sky had the demonstration gone ahead. Children pointed toward the rotors. Engineers answered questions. Visitors circled the aircraft from every angle, examining a machine designed to one day rise above city traffic. Perhaps that was fitting. Urban air mobility is still an industry waiting for liftoff. The technology promises electric aircraft carrying passengers and cargo across cities, supported by vertiports, digital traffic management systems and autonomous flight software. South Korea hopes to begin public UAM services in 2028, following years of government-backed demonstrations. Wednesday's aircraft represented another milestone—the first public appearance of a UAM aircraft developed by a South Korean private company. Nearby, the 2026 Korea Drone & UAM Expo at Songdo Convensia buzzed with optimism. More than 130 companies showcased autonomous drones, AI flight systems, delivery technologies and future mobility platforms. Inside the exhibition halls, the future appeared almost inevitable. Outside, it proved considerably more fragile. A burst of radio interference was enough to keep an aircraft firmly planted on the ground. For one long morning, Korea's flying future never actually flew. Yet hundreds of eyes remained fixed on a motionless aircraft until the very end, as if simply seeing it there—waiting—was enough to remind everyone that every new era of transportation begins not with a routine flight, but with a first attempt. Sometimes, even the waiting becomes part of the journey. 2026-07-15 15:32:26
  • Exports of eco-friendly vehicles top 100,000 units for first time in June
    Exports of eco-friendly vehicles top 100,000 units for first time in June SEOUL, July 15 (AJP) - Exports of eco-friendly vehicles surpassed 100,000 units for the first time last month, according to a report released by the Ministry of Trade, Industry and Resources on Wednesday. South Korea's auto exports hit a record US$6.71 billion in June, up 5.8 percent from a year earlier and the highest level ever for the month. Eco-friendly vehicles led the growth, with exports surging 35.4 percent to 102,554 units, surpassing 100,000 units in monthly shipments for the first time. Their export value also rose 31.3 percent to $2.9 billion, accounting for 38.2 percent of total vehicle exports. The ministry attributed the growth to stronger demand for hybrid vehicles in the U.S. and rising EV sales in Europe. Shipments to North America rose 12.3 percent to $3.61 billion, and those to the European Union increased 13.7 percent to $870 million, while exports to Asia and the Middle East fell 13.7 percent and 11.4 percent, respectively. Domestic sales of eco-friendly vehicles rose 29.6 percent to 94,222 units, accounting for 59 percent of all vehicles sold in South Korea. Electric vehicle sales also surged 92.1 percent to 39,031 units. Cumulative production for the first half of this year stood at 2.12 million vehicles, about the same as a year earlier, but domestic sales rose 2.5 percent to 847,630 units, and export volume also increased 2.1 percent to 1.44 million vehicles. By model, Kia's Sorento SUV led sales with 55,426 units during the period, followed by Tesla's Model Y and Hyundai's Grandeur. In June alone, Hyundai's Grandeur sedan ranked first with 10,062 units sold. Among overseas shipments, GM Korea's Trax SUV was the top model in both June and the first six months of this year. 2026-07-15 15:31:19
  • Loan Regulation Gap Addressed as Living Stabilization Loan Sees 60% Subscription Rate
    Loan Regulation Gap Addressed as Living Stabilization Loan Sees 60% Subscription Rate The South Korean government's stringent household loan management continues, with the 'Living Stabilization Loan' from savings banks gaining attention for its higher subscription rates compared to standard credit loans. This product is particularly appealing to low to mid-credit borrowers in need of immediate funds.According to the loan comparison platform Finda, the subscription rate for SBI Savings Bank's Living Stabilization Loan reached approximately 60% from the product's launch on June 29 to July 13. The subscription rate refers to the percentage of loan applicants who successfully complete the loan agreement after undergoing a review process. By credit score, the subscription rates are 46% for those in the 800s, 54.8% for the 700s, 57.6% for the 600s, and 47.4% for the 500s, with the highest rates observed among borrowers in the 600-700 range.This rate significantly exceeds that of standard savings bank credit loans during the same period. The average subscription rates for standard savings bank credit loans are only 12.4% for the 800s, 16.7% for the 700s, 18.2% for the 600s, and 22.5% for the 500s. Notably, the subscription rate for the Living Stabilization Loan among borrowers with credit scores in the 600-700 range is about three times higher than that of standard credit loans.The Living Stabilization Loan allows borrowers to access up to 10 million won without income restrictions, targeting those with a NICE score below 889 or a KCB score below 875. The interest rates range from 5.9% to 15.27%, with the highest rate being 1.24 percentage points lower than existing mid-interest loans. Currently, six savings banks, including KB, OK, SBI, Shinhan, Yegeoram, and Korea Investment Savings Bank, offer this product, with plans for major banks and specialized credit finance companies to begin offering it in the second half of the year.Following the household loan management measures introduced on June 27 last year, which limited credit loan amounts to 100% of annual income, concerns arose about the difficulties faced by vulnerable borrowers in securing funds. In response, the Financial Services Commission introduced this loan as part of its efforts to expand inclusive finance.Industry analysts suggest that as access to standard credit loans becomes more challenging for low to mid-credit borrowers due to stricter regulations, many are turning to the Living Stabilization Loan. Additionally, borrowers must agree not to purchase property in regulated areas for one year or until full repayment, indicating that the product is likely being utilized by those with genuine financial needs.An industry representative stated, "Since this product targets borrowers in the lower 50% of credit scores, it aligns well with the existing customer base of savings banks. It appears to alleviate some financial difficulties for the working class, allowing them to borrow without regard to income within the 10 million won limit." 2026-07-15 15:28:00
  • China Increases Economic Pressure and Espionage on Dutch Strategic Industries, Targeting ASML
    China Increases Economic Pressure and Espionage on Dutch Strategic Industries, Targeting ASML China is reportedly expanding its influence over global supply chains by applying economic pressure and engaging in espionage against Dutch strategic industries, including semiconductor equipment manufacturer ASML.According to a report by the Hague Centre for Strategic Studies (HCSS) cited by Nikkei Asia, China is utilizing economic means and intelligence activities to target the Netherlands' semiconductor, maritime, and aerospace sectors.The report analyzes that China's goal is to make the Netherlands structurally dependent on China and to secure global industrial leadership. It assesses that China is leveraging digital operations, legal pressure, and physical threats while exploiting the Netherlands' open governance system.Particularly, the semiconductor industry is identified as the most vulnerable sector, as it houses companies with technologies that are difficult to obtain or virtually irreplaceable from other countries.ASML is the only company in the world to commercialize extreme ultraviolet (EUV) lithography equipment, which is essential for advanced semiconductor production. Hans Holran, a strategic analyst at HCSS, explained, "Dutch companies occupy a critical position in the global value chain, making access to technology or influence over companies of significant strategic value."China is targeting major Dutch firms such as ASML and NXP Semiconductors while also restricting exports of key raw materials. Last year, China limited rare earth exports in response to Western trade policies, raising concerns that ASML could face delays in equipment shipments.The vulnerability of the maritime industry was also highlighted. Chinese state-owned enterprises COSCO Shipping Ports and China Merchants Port Holdings are involved as investors and terminal operators at the Port of Rotterdam, a key logistics hub in Europe.Holran noted, "Intervention in the maritime sector is likely to manifest more as cyber espionage and data access rather than overt sabotage, and even limited intervention could have cascading effects on energy supply, industrial production, and NATO logistics."HCSS recommends establishing a national integrated information system and mandating security reviews based on risk levels to counter these threats. It also suggests replacing equipment that could expose critical infrastructure, such as Chinese circuit boards or cranes for container unloading, to sabotage risks.The researchers warned that even if China's influence does not immediately disrupt supply chains, it could limit the Netherlands' policy choices in crisis situations, such as conflicts surrounding Taiwan. Benedetta Girardi, a researcher at HCSS, stated, "The risk lies not in immediate disruption but in the gradual reduction of options available to Dutch policymakers in response."* This article has been translated by AI. 2026-07-15 15:24:00