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Ministry of SMEs and Startups Holds Meeting on 'Everyone's Startup' in Capital Region The Ministry of SMEs and Startups has identified areas for improvement for the first-round winners of the 'Everyone's Startup' program in the capital region.On July 15, the ministry held a meeting at the Seoul Creative Economy Innovation Center with operational and mentoring organizations, as well as first-round selected participants from the capital region, which includes Seoul, Gyeonggi, and Incheon.The ministry plans to continue engaging with operational and mentoring organizations and selected participants across 17 cities and provinces nationwide to gather local feedback. This input will help enhance the 'Everyone's Startup' program, making it a more trusted platform that supports entrepreneurs in their endeavors.The 'Everyone's Startup' program will select a final winner by the end of the year through regional auditions and a national audition for the first-round winners.Earlier, on July 8, the ministry held a similar meeting at the Chungbuk Creative Economy Innovation Center with operational and mentoring organizations and first-round winners from the Chungcheong region, where they gathered feedback and provided guidance for the second round.During the meeting, No Yong-seok, the First Deputy Minister of the Ministry of SMEs and Startups, stated, "We will listen carefully to the voices from the field and actively incorporate necessary improvements to develop 'Everyone's Startup' into a more refined program. The first-round selection is not the end but a new beginning for greater growth. We will continue to support your ideas to help them grow into competitive startups alongside operational organizations and mentors."* This article has been translated by AI. 2026-07-15 16:28:00 -
Kim Hye-kyung Visits Save the Children with Princess Anne to Promote Children's Rights Kim Hye-kyung visited Save the Children Korea on July 15 with Princess Anne of the United Kingdom to observe child rights activities and encourage staff.During the visit in Mapo District, Seoul, Kim met with child, youth, and young adult activists alongside Princess Anne, the sister of King Charles III, as reported by Deputy Spokesperson Ahn Gyu-ryeong in a written briefing.The visit aimed to raise social awareness about child rights and support activities led by children, youth, and young adults.Save the Children is an international non-governmental organization (NGO) that advocates for children's rights to survival, protection, development, and participation in over 120 countries worldwide.Kim and Princess Anne were briefed by Save the Children Korea representatives on various initiatives aimed at promoting child rights and addressing the climate crisis.They also met with members of the youth climate action group 'Assemble' and university student child rights supporters 'Young Saver' to hear their perspectives.The activists suggested strengthening public health systems, ensuring access to education and culture, establishing child-friendly disaster response systems, and incorporating children's perspectives into corporate sustainability efforts to guarantee child rights amid the climate crisis.After listening to their views, Kim and Princess Anne encouraged the youth and young adult activists working to promote child rights.The two also toured the international development cooperation project 'Sending Red Goats to Africa,' which began in response to a food crisis in Niger in 2010. This initiative aims to enhance food security for children and families while strengthening community resilience and climate crisis response capabilities.Kim stated, "This project plays a significant role in supporting the independence of children and families and creating a better future," and encouraged the staff involved.She also expressed gratitude to Princess Anne and her husband for their long-standing dedication to children's happiness, hoping that their meeting would further solidify cooperation between Korea and the UK in child protection.Princess Anne remarked, "Korea has grown from a recipient of international aid to a donor country," and expressed hope that Korea would continue to play a vital role in promoting child rights and international development cooperation.As the visit concluded, Kim thanked Princess Anne for her trip and expressed hope for continued collaboration between the two countries in promoting child rights and addressing the climate crisis.* This article has been translated by AI. 2026-07-15 16:28:00
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Hyosung bucks trend with recruitment drive exclusively for humanities majors SEOUL, July 15 (AJP) - Hyosung Group on Wednesday launched a hiring drive open exclusively to graduates who majored in the arts and humanities. Job seekers with bachelor's or master's degrees in fields like history, philosophy, aesthetics, and language and literature can apply until July 22. The move is the first of its kind since the multi-industry conglomerate's founding in 1966, as many of South Korea's major companies are scaling back entry-level recruitment, with new hires increasingly concentrated in fields such as IT and engineering. Hyosung said the latest drive is intended to bring in candidates with strong humanities backgrounds and language skills. Applicants willing to work at overseas sites will be preferred, and once hired, they will not be restricted to a single job category. The company cited its heavy reliance on overseas markets, which account for more than 80 percent of sales, as a key reason for seeking candidates with language skills and the ability to work across different markets. The initiative also reflects chairman Cho Hyun-joon's long-standing emphasis on the importance of humanities education. Cho, who studied in the U.S. and Japan and speaks English, Japanese and Italian, has said in previous interviews that technology alone is not enough to succeed, and that the ability to embrace change and seize the right opportunities comes from the humanities. Meanwhile, an analysis by hiring platform Catch in December last year found that full-time entry-level job openings at major companies fell 43 percent from a year earlier, from 3,741 to 2,145. The decline continued into this year, with job postings down 45 percent year-on-year as of March. The trend comes as companies increasingly turn to artificial intelligence (AI) to handle routine tasks once handled by junior employees like research, drafting reports, and basic coding, pushing hiring toward more experienced workers instead. 2026-07-15 16:27:51 -
President Lee Calls for Vigilance Against Sexual Misconduct Among Public Officials President Lee Jae-myung urged public officials on July 15 to exercise caution regarding sexual misconduct, stating, "It's fine to enjoy drinking, but do not seat young women next to you or engage in such behavior." During a concluding statement at a briefing with various government agencies, including the Ministry of Economy and Finance, the National Tax Service, and the Financial Services Commission, President Lee emphasized, "I hope all public officials in South Korea hear this message." He noted, "It seems that such incidents still occur occasionally. Generally, they do not, but young female employees should not be treated as objects of amusement." President Lee criticized the mindset that allows such treatment, stating, "Being treated in that manner is an incredibly infuriating situation. In the past, people accepted and endured it, but now, that attitude and mindset itself is a humiliation of character." He added, "Such treatment does not regard individuals as equal persons. The very thought of viewing them as objects or means must be eliminated." President Lee remarked, "I mentioned this because it seems there have been recent incidents. In the past, it was not a problem, but now it is unacceptable. Nowadays, it can lead to serious consequences." He concluded, "What may seem trivial to you is viewed very differently by the world; it is a profoundly serious issue." * This article has been translated by AI. 2026-07-15 16:24:00
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Ministry of Land to Inspect Delivery Service Contract Violations The Ministry of Land, Infrastructure and Transport is set to inspect delivery service contracts for violations. The ministry plans to take strict action if unfair contract practices that circumvent the intent of standard contracts are identified.On July 15, the ministry announced it would conduct nationwide inspections following reports of irregular contracts at some delivery service locations, including agreements that specify continuous work without days off.The ministry aims to protect the rights of delivery workers and establish fair market practices by inspecting locations suspected of violations. If any infractions are confirmed, the ministry plans to issue improvement orders and impose fines in accordance with relevant laws.Since June, the ministry has mandated the use of standard contracts or contracts based on standard templates for delivery service agreements. These contracts must include key provisions to protect delivery workers, such as service areas, contract duration, and duties.However, recent findings indicate that while some contracts meet the superficial requirements of standard contracts, there are instances of unfair clauses being added through separate agreements or indirect methods that lead to prolonged continuous work. The ministry views these practices as undermining the intent of the standard contract mandate.The nationwide inspections will be based on field reports, starting with suspected irregular contracts at delivery service locations in Jeonju, North Jeolla Province.Additionally, the ministry plans to gather feedback from the field to improve the system and prevent circumvention of standard contracts. If necessary, revisions to the standard contracts will be considered.Concerns about long working hours in the delivery industry have been repeatedly raised, highlighting the need for a management system that examines not only the contracts but also any separate agreements to ensure the standard contract system operates effectively.Shim Ji-young, the ministry's logistics policy director, stated, “We are closely monitoring operational cases that may undermine the intent of the mandatory provisions of the standard contract system as it becomes established in the field.”She added, “Through this nationwide inspection, we will rigorously correct instances of non-compliance and continuously improve the system to eliminate circumvention practices after consulting with stakeholders.”* This article has been translated by AI. 2026-07-15 16:20:00
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EU Allows Ukraine to Purchase Chinese Drone Parts with Defense Loans Ukraine can now use European Union (EU) defense loan funds to purchase Chinese drone parts.The Financial Times reported on July 15, citing two sources familiar with the matter, that the EU has granted an exception allowing some of the first tranche of defense loans to Ukraine to be used for buying Chinese drone components.This support amounts to approximately €5.9 billion, part of a total of €60 billion allocated for defense procurement in Ukraine.According to EU loan regulations, defense products purchased with these funds must generally be sourced from the EU single market or approved partner countries like Ukraine and Canada. Parts produced in non-approved countries cannot exceed 35% of the contract value.However, if Ukraine cannot quickly secure sufficient quantities of necessary products from eligible countries, it can request an exception from the EU Commission.Ukraine has successfully requested an exception for the first €5.9 billion defense loan, allowing it to purchase certain Chinese components that are not sufficiently produced in Europe, according to sources.This decision highlights a significant gap in the supply chain for drone parts, even as the EU seeks to link support for Ukraine to the purchase of European weapons to bolster the regional defense industry.While Ukraine has rapidly developed its domestic defense industry during the war, the demand for drones, which have become a key weapon on the battlefield, exceeds the production capabilities of both Ukraine and its allies. Ukrainian authorities report that approximately 80% of Russian military casualties on the battlefield are caused by drone attacks.The Financial Times noted that while the EU criticizes China as a key supplier to the Russian military industry and a major supporter of the war, it also acknowledges Ukraine's dependence on Chinese components for its defense industry.* This article has been translated by AI. 2026-07-15 16:12:00
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DL E&C and IPARK Hyundai Development Attend Seongsu 2 District Briefing, Signaling 2 Trillion Won Bid Competition The briefing for selecting a contractor for the redevelopment of Seongsu 2 District in Seoul saw attendance from DL E&C and IPARK Hyundai Development, marking the start of a competitive bidding process valued at approximately 2 trillion won. However, IPARK Hyundai Development plans to assess the project's viability before deciding whether to participate in the bidding, leaving the actual competition in question.Representatives from DL E&C and IPARK Hyundai Development attended the briefing held on July 15 at 2 p.m. The consortium had announced the bidding notice on July 7, with the bidding process set to continue until 3 p.m. on August 31.The chairman of the Seongsu 2 District redevelopment consortium stated immediately after the briefing, "Both DL E&C and IPARK Hyundai Development attended the briefing, and there are no changes to the current schedule."The Seongsu 2 District redevelopment project aims to construct up to 65 floors with 2,381 housing units and community facilities in the area of 506 Seongsu-dong 2-ga, Seongdong-gu, Seoul. The estimated construction cost is about 2.1 trillion won, making it the second-largest project among the four districts in the Seongsu Strategic Maintenance Zone, following Seongsu 1 District.The bidding will be conducted through a general competitive bidding process, and joint bidding is not permitted. The bid guarantee consists of 700 billion won in cash and 300 billion won in performance bond insurance, totaling 1 trillion won.This bidding process is a reinitiation after last year's project was canceled. During the first bidding last year, a competitive scenario between DL E&C and POSCO E&C was anticipated, but controversy arose between the former chairman of the consortium and a POSCO E&C public relations officer, leading POSCO E&C to withdraw from the bidding, resulting in a failure to secure a contractor. Following a prolonged hiatus due to a leadership vacuum, the new executive team has resumed the contractor selection process this year.IPARK Hyundai Development, which had previously taken a cautious stance, attended the briefing to begin its viability assessment. However, attendance at the briefing is merely a procedural step to qualify for bidding, and the company has yet to decide on its actual participation. An IPARK Hyundai Development representative stated, "It is too early to comment on our bidding participation at this stage."Industry insiders express skepticism about the likelihood of a competitive bidding process. One industry source noted, "Attendance at the briefing is also aimed at securing eligibility for future bidding, and ultimately, there is a possibility that DL E&C may bid alone."DL E&C has been focusing on Seongsu 2 District as a strategic project and has invested considerable effort into it. A DL E&C representative remarked, "We are actively reviewing the Seongsu 2 District project." Given that the company's urban maintenance project achievements this year have been limited to Mokdong 6 District, industry analysts expect it to intensify its efforts to secure Seongsu 2 District.Similarly, IPARK Hyundai Development has not secured any urban maintenance project contracts in the first half of the year. Success in winning the Seongsu 2 District contract could allow the company to secure more than half of its annual urban maintenance contract target of 3.25 trillion won, while also enhancing its brand competitiveness through a landmark project along the Han River.Meanwhile, the Seongsu Strategic Maintenance Zone is a key redevelopment project in Seoul, comprising four districts along the Han River, with a total project cost of 8 trillion won and approximately 9,500 housing units. Currently, contractors for districts 1 and 4 have been selected by GS Construction and Lotte Construction, respectively, while the contractor selection process for districts 2 and 3 is ongoing. 2026-07-15 16:12:00
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Commercial Real Estate Auctions Surge Despite Market Challenges Commercial real estate, including retail spaces and officetels, is facing a downturn due to high interest rates and vacancy pressures. This trend is reflected in the auction market, which has seen a record number of listings. However, prime commercial properties in Seoul, driven by expectations of redevelopment, are still fetching premium prices.According to the June 2026 Auction Trends Report from Jiji Auction, the number of commercial property auctions nationwide reached 8,268 last month, marking a nearly 9% increase from 7,579 in the previous month, the highest monthly total on record. Retail spaces and officetels accounted for the largest share of these auctions.Despite the increase in auction listings, the success rate has been disappointing. The nationwide auction success rate for commercial properties stood at 20.0%, down 0.3 percentage points from the previous month. The average winning bid rate was 51.3%, a decrease of 1.9 percentage points from 53.2% the prior month, indicating that properties were selling for about half of their appraised values. The average number of bidders per auction was just 2.8.This decline in the commercial real estate market is reflected in the auction metrics. Retail spaces are sensitive to the performance of small businesses, rental income, and vacancy rates. With high interest burdens and slow consumer recovery, expectations for rising rents are low. Officetels are also losing investment appeal as they straddle the line between residential and income-generating properties, contributing to the increase in auction listings.The situation is even more challenging in regional markets. In Sejong, the auction success rate for commercial properties was only 29%, while it was 38.7% in Gangwon, 42.3% in Jeonbuk, and 42.4% in Gyeongnam.In contrast, Seoul's commercial property auction success rate was 71.7%, up 3.8 percentage points from 67.9% the previous month. This figure is over 20 percentage points higher than the national average of 51.3%, indicating strong demand for prime properties in the capital.Notably, commercial properties in redevelopment areas showed robust performance. Retail spaces within a redevelopment apartment complex in Dohwa-dong, Mapo-gu, and those in the redevelopment promotion zone around Cheonho-dong, Gangdong-gu, were sold for an average of 1.5 times their appraised values. Additionally, five small officetels in Gwangjin-gu were all auctioned at around 100% of their appraised values.Looking ahead, the disparity in auction performance across regions is expected to widen. Particularly, commercial properties in transit-oriented developments, redevelopment areas, and large-scale surrounding commercial districts are likely to see increased selective demand.However, potential buyers of commercial properties in redevelopment areas must consider various factors, including the association's regulations, membership status, recognition of sale rights, compensation for business operations, and legal relationships. Delays in redevelopment projects or unfavorable changes in property placement and sale conditions could diminish anticipated development profits.An industry insider noted, "The record number of commercial property auctions indicates that assets unable to withstand current conditions are entering the market. The commercial properties in Seoul's redevelopment zones are being evaluated differently due to development expectations and surrounding demand."He added, "The profitability of commercial property auctions varies significantly based on location and legal relationships. Rather than simply following properties that sold for higher than their appraised values, it is essential to assess the stage of redevelopment projects, membership status in property associations, and future rental demand."* This article has been translated by AI. 2026-07-15 16:04:00
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Interest Rate Hike Looms as Household Funds Shift from Stocks to Savings As the Bank of Korea prepares to resume its interest rate hike cycle, there is growing interest in whether some household funds that had flowed into the stock market will shift back to bank deposits. Although rising deposit rates may enhance the appeal of safe assets, expectations for stock market gains remain high, and the current low interest rate levels suggest that a rapid reversal in money movement is unlikely.According to the financial sector on July 15, the Bank of Korea's Monetary Policy Committee will decide on adjustments to the current benchmark interest rate of 2.50% on July 16. Given the recent consumer price inflation rate in the 3% range, fluctuations in the won-dollar exchange rate, and steady economic growth, the market widely anticipates a 25 basis point (1 basis point = 0.01 percentage points) increase in the benchmark rate during this meeting. There is also a prevailing outlook that an additional hike may occur later this year, depending on inflation and financial stability conditions.If the benchmark rate rises, it is likely that deposit rates at commercial banks will follow suit. Currently, the highest interest rate for 12-month fixed deposits at the four major banks (KB Kookmin, Shinhan, Hana, and Woori) is around 2.90%. Following the anticipated rate hike, some products are expected to exceed 3%, which could attract funds seeking relatively stable returns.This year, household funds have shown a preference for investment assets over deposits. According to the Bank of Korea's '2026 Q1 Financial Flow' statistics, the scale of household fund management increased from 84.3 trillion won in the fourth quarter of last year to 96.3 trillion won in the first quarter of this year. During the same period, the scale of fund procurement slightly decreased from 17.3 trillion won to 17.1 trillion won. While the proportion of savings deposits has decreased, the share of equity securities and investment funds has increased, indicating a flow of funds into the stock market.Market analysts believe that a single interest rate hike will not drastically change the flow of funds. Household funds tend to respond more sensitively to the expected returns of risk assets like stocks and market outlooks than to deposit rates themselves. As long as expectations for stock market gains remain, the likelihood of a large-scale shift to deposits is limited. However, funds waiting for investment opportunities or those with short-term management strategies may respond more sensitively to rising deposit rates, suggesting that movements will vary based on the nature of the funds.Experts suggest that a significant money movement will only occur when the relative attractiveness of deposits and stocks changes together. Even if deposit rates rise due to the benchmark rate hike, the current levels may not be sufficient to reverse the preference for risk assets, and the investment appeal of other safe assets like bonds may become more pronounced.Kim Sang-bong, a professor of economics at Hansung University, stated, "The current benchmark rate is still low, so even a 25 to 50 basis point increase is unlikely to lead to a massive shift in funds. Interest rates need to rise to levels similar to those in the United States for deposits to become more attractive, and at present, bonds may be a better investment option than deposits."* This article has been translated by AI. 2026-07-15 16:04:00
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Household Funds Shift from Savings to Stock Market Amid Bullish Trends As the stock market strengthens, household funds are moving from bank deposits to the stock market. In the first quarter of this year, funds exited savings accounts, while the scale of investments in stocks and investment funds nearly doubled. With the central bank signaling potential interest rate hikes, attention is turning to the future direction of household funds.According to the Bank of Korea on July 15, the total deposits held by households and non-profit organizations at financial institutions in the first quarter amounted to 29.4 trillion won, a 42.01% decrease from 50.7 trillion won in the same period last year. In contrast, the scale of equity securities and investment funds increased from 30.4 trillion won to 61.4 trillion won, nearly doubling compared to the previous year.The total deposits at financial institutions increased compared to the previous quarter (12.8 trillion won). Analysts suggest that much of this increase is due to the expansion of securities deposits.This trend is also reflected in detailed financial transaction data. The scale of short-term savings deposits held by households and non-profit organizations decreased by 7.628 trillion won in the first quarter. Long-term savings deposits also fell by 12.192 trillion won. Conversely, the issuance of resident stocks and equity interests increased by 18.329 trillion won in the first quarter, indicating a shift of funds from savings to riskier assets like stocks.Such fund movements appear to have continued into the second quarter. In April, the turnover rate of demand deposits was recorded at 23.1 times. This turnover rate was 23.6 times in December last year, reflecting heightened enthusiasm for stock investments, the highest level in a decade since December 2015 (24.6 times).Additionally, the turnover rate for savings deposits, including time deposits and regular savings, was 1.7 times per month, matching the highest level recorded in December last year. This increase is attributed to the growing enthusiasm for stock investments, leading to active fund transfers from bank savings to investment opportunities like stocks.The movement of household funds into stocks is largely attributed to the bullish stock market. The KOSPI index recorded a return of 19.71% in the first quarter. In contrast, the interest rate on one-year time deposits at commercial banks remained in the upper 2% range. As expectations for capital gains from rising stock prices grew, investors shifted their funds toward the stock market.However, there are concerns that increased volatility in the domestic stock market since the second quarter and growing uncertainties surrounding the semiconductor industry may weaken investors' appetite for riskier assets. Additionally, the likelihood of the central bank raising interest rates could also impact household fund management. If the central bank raises the benchmark interest rate, market interest rates will likely rise first, leading banks to increase their deposit rates to attract funds.Experts suggest that if the preference for riskier assets continues, the inflow of funds into the stock market may persist. Kim Yu-mi, a researcher at Kiwoom Securities, stated, "As households and businesses continue to accumulate financial assets, if the preference for riskier assets persists, the potential for idle funds to flow into the stock market could increase. The expansion of equity securities and investment funds confirmed in this fund circulation statistics signals that this movement of funds is already underway."* This article has been translated by AI. 2026-07-15 16:04:00