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NH Nonghyup Capital Launches New Brand 'NCAP' to Unify Customer Engagement NH Nonghyup Capital has officially launched its new brand, 'NCAP,' as part of its strategy to provide a consistent brand experience and strengthen its brand identity on July 15. According to the financial sector, NH Nonghyup Capital held the brand launch event 'NCAP Day 2026' at its new headquarters in Yeouido, Seoul, where the new brand was unveiled. NCAP stands for 'Near the Customer, Always a Partner,' reflecting the company's commitment to being a constant partner for its customers. The brand was selected through an internal competition held in January and aims to unify previously used abbreviations such as 'Nongcae' and 'NHC' under the NCAP name. NH Nonghyup Capital explained that the launch of this brand is part of an integrated branding strategy to redefine its brand identity in line with its growth, which includes achieving 10 trillion won in operating assets and ranking third in brand reputation within the industry. The brand's core colors are 'Teal' and 'Marigold.' Teal combines the 'Green' of the National Agricultural Cooperative Federation and the 'Blue' of NH Financial Group, symbolizing the group's identity and financial expertise. Marigold represents energy and dynamism. Jang Jong-hwan, CEO of NH Nonghyup Capital, stated, "NCAP is not just a new name; it embodies the philosophy of NH Nonghyup Capital, which has been alongside customers for the past 18 years. All employees will grow as a trusted financial partner under one brand." * This article has been translated by AI. 2026-07-15 18:20:00
UNESCO Urges Japan to Address Forced Labor History at Sado Mine The UNESCO World Heritage Committee has recommended that Japan adequately address the history of forced labor involving Koreans at the Sado Mine, a site registered as a World Heritage site in Niigata Prefecture. The recommendation comes as Japan has not sufficiently disclosed the fact that Koreans were subjected to forced labor at the mine, contrary to promises made when the site was registered. On July 15, the committee circulated a decision document to member countries, stating that while there has been "some progress" on Japan's part in implementing the committee's recommendations, it is still insufficient. The document urged Japan to develop an interpretation and exhibition strategy that reflects the "entire history" of the mine, including the forced labor of Koreans during the Japanese colonial period, and to closely consult with relevant parties to improve the interpretation and exhibition facilities. While acknowledging additional measures taken by Japan to comply with the recommendations, the committee requested clearer explanations on how Japan's interpretation and exhibition strategies comprehensively address the mine's entire history and called for regular updates on progress. A Ministry of Foreign Affairs official explained that the "entire history" refers to the forced labor of Koreans at the mine during the Japanese occupation. UNESCO has set a deadline for Japan to submit a report on the implementation of these recommendations by December 1, 2027, with plans to review the report at the 50th session of the World Heritage Committee in 2028. The official stated, "Given the insufficient implementation of the relevant recommendations by Japan, we view this as a reflection of our consistent position," adding that South Korea will continue to work closely with UNESCO and relevant countries to ensure Japan fulfills its commitments made during the registration process. This decision will be discussed at the 48th World Heritage Committee meeting in Busan from July 20 to 23, and it is expected to be adopted by consensus if there are no disagreements among member countries. While the adopted decision will be binding, the consequences for non-compliance with the recommendations remain unclear, leaving uncertainty about how Japan will respond. The Sado Mine, known for its gold production during the Edo period (1603-1867), was primarily used to secure war materials during World War II. During this time, colonial Koreans were forcibly mobilized and worked under harsh conditions. It is reported that 1,519 Koreans were forced to work at the Sado Mine from 1940 to 1945. The mine was inscribed as a World Heritage site at the 46th session of the committee held in New Delhi in July 2024. Prior to the inscription, the South Korean government demanded that Japan reflect the "entire history," including the forced labor of Koreans at the Sado Mine. Japan, unable to ignore South Korea's demands as one of the 21 member countries of the World Heritage Committee, accepted these requests. When the site was inscribed, the committee recommended that Japan develop an interpretation and exhibition strategy that comprehensively addresses the entire history of the heritage site throughout all periods of mine development, and Japan promised to faithfully implement these recommendations. Japan has established a space at the Aikawa Local Museum near the Sado Mine to explain the harsh working conditions of Korean laborers and display related materials. However, there have been criticisms that the term "forced" was not used, failing to adequately express the reality of forced labor. Amid doubts about Japan's sincerity, the South Korean government has boycotted the memorial service for Korean laborers held by Japan at the Sado Mine for two consecutive years, and attendance this year remains uncertain.* This article has been translated by AI. 2026-07-15 18:12:00
Venture Capital Firms Compete for $1 Billion in Southern Region Growth Fund The Korea Development Bank's Southeastern Investment Finance Center is nearing the final stages of selecting a general partner (GP) for the 2026 Southern Region Growth Support Fund, drawing significant attention from the venture capital (VC) industry. The private equity (PE) sector has narrowed down to four contenders, while VC firms are engaged in intense competition to raise a total of 105 billion won.According to investment banking sources, the Korea Development Bank completed document reviews on July 9 and has finalized the shortlist of VC candidates for the final presentation. The six firms are Daedeok Venture Partners, Reinvestment, MW&Company, Wonik Investment Partners, E&Investment, and Coolidge Corner Investment. Only three of these firms will be selected after the final evaluation.This initiative is the second year of the Southern Region Growth Support Fund project, which aims to raise 100 billion won annually. The project seeks to establish a large fund totaling 345 billion won, with 240 billion won from PE and 105 billion won from VC. The VC fund will focus on investing in small and venture businesses in the southern region, playing a crucial role in strengthening the local venture ecosystem and enhancing new growth engines.Judges for the National Growth Fund are prioritizing the operational capabilities of GPs that drive actual growth in portfolio companies over mere historical quantitative returns. It is likely that value enhancement will also be a key evaluation criterion for the Southern Region fund, similar to the National Growth Fund.The shortlisted candidates are fiercely competing, each highlighting their unique strengths. Daedeok Venture Partners, with a solid foundation in the Daedeok Research and Development Special Zone, and Reinvestment, which has successfully managed funds in the Busan and Gyeongnam regions, emphasize their close ties to the local ecosystem. In contrast, larger firms like Wonik Investment Partners leverage their extensive business infrastructure as a strength. Meanwhile, Coolidge Corner Investment and MW&Company, known for their early-stage strengths, focus on their capabilities in nurturing startups and connecting with the TIPS program.E&Investment is currently seen as the frontrunner. The firm has demonstrated significant capabilities in enhancing corporate value and fund formation. E&Investment's proposal for the 'E&K Defense Technology Innovation Fund' has already secured nearly 80% of its minimum target of 40 billion won (with a goal of 50 billion won). If selected for the Southern Region fund, it will quickly surpass the minimum formation criteria, enabling rapid fund establishment and swift investment execution. Notably, CEO Park Je-woo has proven exceptional return rates in advanced and deep tech sectors over the past three years, with LS Materials achieving an IRR of 2573% and Link Solutions an IRR of 64.4%.An investment banking source stated, "In a landscape where local VCs and large firms have distinct characteristics, those that secure clear matching funds and demonstrate value enhancement capabilities are likely to be the final choices."* This article has been translated by AI. 2026-07-15 18:04:00
Financial Firms Expand Car Rental Operations, Causing Concern in Industry The car rental and financial sectors are at odds over the easing of limits on capital companies' car rental operations. The rental car industry argues that the expansion of financial firms into their territory threatens their market, while capital companies counter that it enhances consumer choice in long-term rental options.With the rental car market saturated, the industry fears that the encroachment of financial firms could lead to a cutthroat competition, resulting in market polarization and a collapse in used car asset values.According to industry sources, the Korea Rental Car Business Association recently submitted a letter to the Financial Services Commission opposing the easing of limits on capital companies' car rental operations. Current regulations classify car rental as a secondary business for financial firms, preventing their rental assets from exceeding their leasing assets. The Financial Services Commission currently restricts the ratio of rental assets to 30% but is considering raising this limit to 40%.A representative from the Korea Rental Car Business Association stated, "With only 17 financial firms controlling 44% of the market among over 1,000 rental car operators, easing regulations would undermine the survival of small rental businesses. If large financial firms strengthen their dominance through a combination of rental and financial products, it would negatively impact the survival of small rental companies and the mobility rights of low-credit individuals and the working class."As of last year, the total number of licensed rental cars in South Korea was approximately 1.33 million, valued at 10 trillion won. Currently, Lotte Rental (21.8%) and SK Rent-a-Car (16.5%) dominate the market with a combined share of 38.3%, while 17 financial firms hold 44%, leaving the remaining 1,000 small operators with 17.7%.Considering the current rental car assets held by the 17 financial firms (approximately 480,000 vehicles worth 4.4 trillion won), the easing of regulations could allow them to supply an additional 48,000 vehicles (worth 450 billion won) to the market. This could drop the market share of small operators below 10%, leading to the bankruptcy of many small businesses, according to industry concerns.A rental car industry representative warned, "If financial firms add 500 billion won worth of vehicles to an already saturated market, it could trigger a domino effect of bankruptcies among small operators. If these small businesses, which provide mobility and financial security for low-credit individuals, collapse, it would block access to rental vehicles for the working class, freelancers, and small business owners who rely on them for their livelihoods."Another industry source added, "If financial firms supply an additional 50,000 rental cars, it would lead to a crash in used car prices, damaging the residual value of vehicles held by existing operators. This would result in a deterioration of asset soundness across the industry and threaten the ecosystem. Initially, the entry of financial firms may seem to lower prices due to increased competition, but ultimately, as competitors disappear, consumers will be bound to the prices and package deals set by financial platforms."In contrast, the capital industry insists that easing regulations is essential. They argue that financial firms' long-term rental operations are subject to stricter regulations and tax benefits than those of the Ministry of Land, Infrastructure and Transport, and therefore, the easing of limits is necessary for fairness. They also point out that unlike small rental companies that focus on short-term rentals in tourist areas, financial firms deal with long-term rental and leasing products lasting three to four years, creating a fundamentally different competitive landscape.A representative from a capital company stated, "Leasing and rental are essentially similar products, yet we face significant restrictions on business expansion due to regulations. Capital companies are subject to the Financial Consumer Protection Act, which provides a higher level of consumer protection in terms of terms and contract processes compared to regular rental car companies. Moreover, if capital firms actively participate in competition, prices could decrease, leading to positive effects for consumers." 2026-07-15 18:04:00
Luxury Car Sales Decline Amid High Exchange Rates and New Model Gaps The luxury car market, with prices reaching hundreds of thousands of dollars, continues to face a downturn. This decline is attributed to persistently high exchange rates and gaps in new model availability, which have dampened consumer sentiment.According to the Korea Automobile Importers and Distributors Association (KAIDA) on July 15, sales of five luxury import brands—Porsche, Lamborghini, Ferrari, Rolls-Royce, and Bentley—fell to 4,965 units in the first half of the year, a 22.1% decrease from 6,370 units during the same period last year.By brand, Porsche saw a significant drop, with sales of 4,322 units, down 25% from the previous year, contributing to the overall decline. The Cayenne Coupe, a key player in the domestic luxury SUV market, sold 441 units, a 32.9% decrease from 657 units last year. Ferrari's sales fell to 115 units, a 37.6% drop, while Rolls-Royce reported 85 units sold, down 13.1%.A representative from Porsche Korea stated, "The limited supply of some key models in the first half had an impact on sales." In contrast, Bentley experienced a surge in sales, with 227 units sold, marking a 95.7% increase from the previous year, thanks to the expanded delivery of the new Continental GT. The Flying Spur (80 units), Continental GT (52 units), and Bentayga V8 (44 units) also saw steady sales. Lamborghini managed to maintain its position with a slight increase of 3.4%, selling 215 units.Industry experts believe that the luxury car market is contracting due to increased import costs and financial burdens stemming from high exchange rates, coupled with gaps in new model releases. The exchange rate has remained around 1,500 won per dollar for several months, exacerbating financial pressures in a market where leasing and financing are prevalent.Moon Hak-hoon, a professor at Osan University’s Department of Future Electric Vehicles, noted, "Luxury car brands have a stable demand base but are inevitably influenced by economic conditions and asset market trends. They need to maintain their identity as premium brands while diversifying products and enhancing electrification strategies to meet consumer demands." Meanwhile, the luxury car industry is looking to rebound in the second half of the year with the launch of new models from major brands. Porsche, among others, plans to introduce new vehicles, including the Cayenne Electric, aiming to shift the stagnant market atmosphere.* This article has been translated by AI. 2026-07-15 18:04:00
Civilian Casualties in Ukraine Surge Amid Ongoing Russian Airstrikes As Russian long-range airstrikes continue, civilian casualties in Ukraine reached their highest level in over four years last month.According to the United Nations Human Rights Monitoring Mission in Ukraine (HRMMU), at least 293 civilians were killed and 1,990 injured in June. This marks the highest monthly toll since the early days of Russia's invasion in April 2022.The UN attributed the increase in civilian casualties primarily to Russia's long-range attacks, particularly affecting densely populated areas far from the front lines.Recently, Russia has intensified missile and drone strikes on rear cities, including the capital Kyiv, taking advantage of Ukraine's shortage of air defense missiles. Russian authorities claim these attacks target military and infrastructure sites, denying allegations of civilian attacks.In the first half of this year, Ukraine recorded 1,396 confirmed civilian deaths, a 37% increase compared to the same period last year. This figure is more than double that of the first half of 2024. Russian authorities also reported that 250 civilians died in their country during the same period, a 121% increase from the previous year.Since the beginning of the Russian invasion, the UN has documented a total of 16,431 civilian deaths in Ukraine, including 803 children. However, the UN noted that accurate casualty figures are difficult to ascertain in areas currently controlled by Russia, such as Mariupol and Lysychansk, suggesting that the actual death toll may be significantly higher.Russian airstrikes continued on the same day, with local authorities in Ukraine reporting that the Black Sea port city of Odesa was attacked, resulting in the deaths of three civilians. The day before, two people were killed, and a civilian vessel registered in the Marshall Islands was damaged, marking two consecutive days of casualties. At least three people also died in the northern Sumy region.* This article has been translated by AI. 2026-07-15 17:52:00
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
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