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  • South Korea Conducts Emergency Review of Oil Supply Amid Saudi Pipeline Attack
    South Korea Conducts Emergency Review of Oil Supply Amid Saudi Pipeline Attack As tensions in the Middle East escalate following the attack on Saudi Arabia's East-West oil pipeline, the South Korean government has conducted an emergency review of domestic oil supply and tanker operations. The refining industry reported that it has secured over 90% of the oil needed for September and October compared to the same period last year, indicating limited short-term supply impacts.The Ministry of Trade, Industry and Energy held an emergency meeting on oil supply status on the 14th, chaired by Deputy Minister Moon Shin-hak, to discuss the current oil supply situation and future public-private response strategies.This meeting was convened amid ongoing hostilities between the U.S. and Iran, as well as attacks by Yemen's Houthi rebels on Saudi oil facilities and incursions into the Perim Island area, which have heightened tensions in the Strait of Hormuz and the Red Sea. The attack on the Saudi East-West pipeline raises concerns about potential disruptions to oil supply and transportation.The East-West pipeline transports oil from the eastern region of Saudi Arabia to the port of Yanbu on the Red Sea, serving as a key export route that bypasses the Strait of Hormuz. The recent attack has put even alternative transport routes, previously considered safe from the strait's navigation risks, in jeopardy.According to the refining industry, the current stockpiles indicate that short-term impacts on domestic oil supply will be limited. The oil imported during July and August exceeded 100% of the volume from the same period last year, and the quantities secured for September and October are also over 90% compared to the previous year.The Ministry plans to monitor the supply situation in real-time through a communication and inspection system established between the government, the refining industry, and the shipping sector since the onset of the Middle East crisis. It will continue to assess the situation in the Middle East and the status of operations at the Saudi pipeline, while actively supporting transitions to alternative routes such as the Suez Canal.The government will also utilize the strategic oil swap system reinstated on August 24 as a response measure. It has committed to mobilizing all available policy tools, including the oil swap, to address any disruptions in oil imports.Plans are in place to expand support for alleviating transportation cost burdens arising from diversifying oil import routes. The government aims to increase support for the differential freight costs associated with diversification and assist the refining industry in securing alternative supplies smoothly.Deputy Minister Moon Shin-hak stated, "The government and the refining and shipping industries will maintain close communication to ensure there is no disruption to the public's daily lives, thoroughly monitoring supply trends. We will expand support for the differential freight costs associated with diversification, in addition to the oil swap system, through active consultations with relevant ministries." He added, "We will support the industry in securing alternative supplies and will continue to maintain the current level of diversification in oil imports."* This article has been translated by AI. 2026-09-14 10:56:00
  • Mirae Asset Securities Reports Order Execution Error in Pre-Market Trading
    Mirae Asset Securities Reports Order Execution Error in Pre-Market Trading Mirae Asset Securities experienced a delay in order execution inquiries during pre-market trading on the morning of September 14. The issue affected both its Home Trading System (HTS) and Mobile Trading System (MTS) from 8:00 to 8:50 a.m.In a statement, Mirae Asset Securities acknowledged that "some customers are experiencing delays in order execution inquiries" and assured that they are working diligently to restore normal service as quickly as possible.A company representative explained that the problem originated from the Smart Order Routing (SOR) system provided by NXT, and they are currently investigating the cause with NXT. The issue was resolved by 8:50 a.m. The representative added, "Since this occurred before the market opened, we believe the impact will be minimal."The SOR system is designed to find the best prices and conditions for investors by distributing orders among multiple trading markets. The importance of the SOR system has increased following the launch of the alternative trading system (ATS) NextTrade, which has restructured the domestic market into a dual trading system alongside the Korea Exchange (KRX).As of 9:00 a.m., just before the regular market opened, system adjustments were completed, allowing for smooth trading and inquiries. All related services, including HTS and MTS, have been fully restored and are operating normally.* This article has been translated by AI. 2026-09-14 10:56:00
  • Hyundai Capital Offers Financial Support to Small Rental Car Companies
    Hyundai Capital Offers Financial Support to Small Rental Car Companies Hyundai Capital is launching a financial support program for small rental car companies facing management challenges. The company announced on September 14 that it will implement measures to assist the small rental car sector.As part of the initiative, Hyundai Capital will defer the principal repayment of auto loans for small rental car companies for six months. Additionally, it plans to reduce the interest accrued during the deferment period by 50%.This program is available to small rental car companies that utilize Hyundai Capital's financial services. Currently, Hyundai Capital provides financial services for vehicle purchases to approximately 700 small rental car companies, with a total financial scale of about 740 billion won.Hyundai Capital is also considering non-financial support to help expand the operational base of these companies. A key proposal includes prioritizing the allocation of vehicles from small rental car companies in need of short-term replacements due to accidents or breakdowns.Furthermore, discussions are underway to facilitate the transfer of returned long-term rental vehicles to small companies to assist in securing operational vehicles. The company is also exploring the expansion of insurance product subscriptions for long-term rentals through the National Rental Car Mutual Association.A Hyundai Capital representative stated, “We have established these financial support measures to strengthen cooperation with the small rental car industry and to participate in the government's inclusive finance policy. We will continue to review additional support programs and maintain ongoing communication with the industry.”* This article has been translated by AI. 2026-09-14 10:52:00
  • China Appoints Former Power Company Officials in Preparation for AI Era
    China Appoints Former Power Company Officials in Preparation for AI Era As the importance of electricity in the future AI era becomes increasingly emphasized, China has been appointing officials from state-owned power companies. Since last year, 13 provincial secretaries of the Chinese Communist Party have been replaced, with three of them coming from power companies, according to a report by Singapore's Lianhe Zaobao on September 14. The secretary position is equivalent to that of a chief of staff in China. The provincial party committee secretary serves as the chief of staff to the party secretary and also holds a seat on the Standing Committee of the Politburo, the party's core decision-making body. A standing committee member ranks within the top seven of the provincial party committee, holding a position equivalent to that of a vice minister or higher. In July, Chu Wei, the deputy secretary of the Ningxia Hui Autonomous Region government, gained attention when he was appointed as a party committee secretary. At 56, Chu previously served as the chief engineer at the Ningxia Daba Power Plant and worked at the Ningxia Power Group, where he became president in 2013 and chairman in 2017 before transitioning to politics in 2021. Peng Yong, who previously served as deputy general manager of China Huaneng Group and Datang Group, was appointed as the secretary of the Hubei Provincial Party Committee last year. Additionally, Wang Zhengying, a former official at China Power Construction Group, was promoted to secretary of Yunnan Province last year. Furthermore, Tang Yifeng, the deputy governor of Guangdong Province, is expected to be appointed as the secretary of the Guangdong Provincial Party Committee. At 53, Tang has held positions as the chairman of the Jiangsu Power Company under the State Grid Corporation and as deputy general manager of the Southern Power Grid Corporation. Recently, the trend of appointing individuals from power companies to key local government positions reflects the urgency of expanding power networks across various provinces. In the future AI era, a stable power supply to operate data centers holds significant strategic value. The recruitment of power company personnel is part of China's efforts to prepare for the AI era. Historically, China has drawn talent from state-owned enterprises. There have been periods when many officials were appointed from the oil industry, as well as from the aerospace, defense, and financial sectors. Observers predict that in the future, officials with expertise in AI and robotics will rise to prominence.* This article has been translated by AI. 2026-09-14 10:52:00
  • Korea stock trading extends to 8 p.m. from Monday
    Korea stock trading extends to 8 p.m. from Monday SEOUL, September 14 (AJP) — The Seoul bourse will stay open until 8 p.m. from Monday under a new after-hours trading system that extends trading well beyond the regular session's 3:30 p.m. close. The Korea Exchange (KRX) will introduce a new after-market session running from 4 p.m. to 8 p.m., allowing investors to trade most KOSPI and KOSDAQ shares in real time long after the regular session closes. The new session replaces a much more limited after-hours system. The previous system, which operated from 4 p.m. to 6 p.m., grouped orders and executed them at a single price every 10 minutes. Disclosures made after regular trading hours can now be reflected in Korean share prices the same evening. The new session also greatly expands the number of stocks available for evening trading. About 2,400 securities are expected to be available on KRX, roughly four times the 610 issues currently offered through the after-market operated by alternative trading platform Nextrade, or NXT. Most KOSPI and KOSDAQ shares and depositary receipts are included. However, securities under special market supervision will be excluded. These include investment-warning and high-risk stocks, extremely illiquid shares and stocks undergoing liquidation trading. Exchange-traded funds (ETFs) and exchange-traded notes (ETNs) will also be excluded from evening trading for now because of concerns that thinner trading could increase price dislocations and volatility. The same 30 percent daily price limits used during regular trading will apply to contain those risks. Volatility safeguards that temporarily slow trading when prices move too quickly will also remain in place. Market orders will not be allowed during the after-market session. Investors must set the price at which they want to buy or sell. The restriction is designed to reduce the risk of sharp price moves when evening trading is thin, as a large market order could otherwise sweep through several price levels when fewer orders are available. Most investors will still be able to use the new session through their existing brokerages. Thirty-eight brokerages have joined the session, representing 95.2 percent of domestic trading value. AJP Takeaways - The Korea Exchange will run a new real-time after-market session from 4 p.m. to 8 p.m. from Monday, extending trading well beyond the regular market's 3:30 p.m. close. - The new session replaces the previous 4 p.m.-to-6 p.m. system that matched orders every 10 minutes and expands evening trading to about 2,400 securities from around 610 available through Nextrade. - KRX will retain the regular market's 30 percent daily price limit and volatility safeguards while prohibiting market orders during evening trading. 2026-09-14 10:51:25
  • Overdraft borrowing surges 10% amid stock investment in Korea
    Overdraft borrowing surges 10% amid stock investment in Korea SEOUL, Sept. 14 (AJP) — Overdraft borrowing at South Korean banks has surged around 10 percent to nearly 70 trillion won ($52 billion) so far this year amid frenzied retail stock investment, government data showed. Outstanding borrowing reached 69.73 trillion won at the end of July, according to Financial Supervisory Service data submitted to Rep. Park Sung-hoon. The figure represents funds actually drawn by borrowers rather than their total approved credit limits. The number of active overdraft accounts rose just 0.5 percent to 4.89 million from 4.87 million at the end of last year, while outstanding borrowing increased by 6.09 trillion won, or 9.6 percent, from 63.64 trillion won. The number of accounts increased at KB Kookmin Bank, KakaoBank and Hana Bank while declining at lenders including NH NongHyup Bank, Standard Chartered Bank Korea and Toss Bank. Average outstanding borrowing per active account rose 9.0 percent to about 14.25 million won in July from 13.07 million won at the end of last year. Most of the increase was concentrated between April and July. Outstanding balances rose by 5.78 trillion won during the four-month period, accounting for 95 percent of the total increase recorded in the first seven months of the year. Balances increased by another 1.15 trillion won, or 1.7 percent, in July alone despite a sharp correction in the domestic stock market. The number of active accounts edged up only about 0.1 percent. The July balance was the highest compared with past quarter-end figures since the end of 2021, when overdraft borrowing reached 70.18 trillion won amid low interest rates and a surge in retail stock investment. Borrowers, however, are paying substantially more for credit than during the previous peak. The weighted average interest rate on overdraft borrowing stood at 5.64 percent at the end of July, 1.70 percentage points above the 3.94 percent recorded at the end of 2021. The increase has raised questions over whether some of the borrowing is being used to finance leveraged stock investment alongside household demand for living expenses and other short-term funding. The Bank of Korea said in its September Monetary Policy Report released last Thursday that housing price gains in the Seoul metropolitan area and household loan growth were both accelerating. The trends have kept financial stability risks high on the central bank's policy agenda. The BOK also estimated that leveraged investment financed through unsecured credit and other forms of household borrowing expanded sharply in the second quarter. The FSS data, however, do not identify how borrowers used funds drawn from overdraft accounts. Park called on financial authorities to look beyond aggregate lending volumes and more closely monitor household cash flows and dependence on borrowing. AJP Takeaways - Outstanding overdraft borrowing at South Korean banks reached 69.73 trillion won at end-July, up 9.6 percent from the end of last year, while the number of active accounts rose just 0.5 percent. - Average borrowing per active account rose 9.0 percent to 14.25 million won, with 95 percent of this year's increase concentrated between April and July. - Overdraft borrowing is approaching its 2021 peak, but the average borrowing rate is 1.70 percentage points higher at 5.64 percent, leaving borrowers with heavier financing costs. 2026-09-14 10:51:14
  • AWS: Physical AI Adoption in South Korea Stalls at 6% Despite High Potential
    AWS: Physical AI Adoption in South Korea Stalls at 6% Despite High Potential AWS has identified South Korea as a market with high potential for leading the global physical artificial intelligence (AI) sector, thanks to its strengths in manufacturing, robotics, and semiconductors. While the full adoption rate of physical AI among domestic companies stands at just 6%, the number of firms conducting pilot programs and planning to implement such technologies is increasing. AWS believes that discovering clear use cases, such as autonomous robots and predictive maintenance, along with validating return on investment (ROI), will be key to expanding actual business applications.On September 11, AWS held a press briefing at its office in Gangnam, Seoul, to discuss its report titled 'Realizing South Korea's AI Potential by 2026.' The report, conducted by global research firm Strand Partners, analyzed the current state of AI utilization among South Korean companies based on surveys of 1,000 business leaders and 1,000 general consumers.According to the report, the AI utilization rate among South Korean companies has risen to 58%. However, there remains a gap in translating this utilization into actual product launches and ROI measurements. AWS also assessed companies' readiness and plans for adopting next-generation AI technologies, including agentic AI and physical AI.Nick Bonstow, a partner at Strand Partners who participated in the briefing via video, noted that South Korea has a strong industrial foundation in manufacturing, robotics, and advanced technology, which presents a 'localized opportunity' for physical AI.AWS's analysis indicates that physical AI is still in the testing and preparation stages rather than full-scale adoption. While only 6% of companies have fully adopted physical AI, 22% are currently conducting pilot programs, and 39% plan to implement it in the future, suggesting significant potential for expansion. The most frequently cited application areas include autonomous robots, predictive maintenance, human-machine collaboration, and warehousing and logistics.Another challenge for commercializing physical AI is the acquisition of training data for robots. For instance, the South Korean startup Config has expanded a single captured data set into 88 scenes within five hours, rather than repeatedly collecting real-world data. Robots utilizing this method achieved a control success rate nine times higher in unfamiliar environments. Bonstow explained, 'Collecting real-world data continuously is time-consuming and costly.'To expand physical AI into actual business applications, it is essential to identify clear use cases. During the Q&A session of the briefing, Bonstow emphasized, 'The key is to discover clear and compelling use cases.' He stated that creating real-world applications in areas with evident benefits, such as autonomous robots and predictive maintenance, and measuring ROI post-implementation are crucial for scaling pilot projects into full-fledged businesses.Bonstow concluded by asserting that South Korea has ample potential to lead in physical AI on a global scale.* This article has been translated by AI. 2026-09-14 10:48:10
  • Gwangju Mayor Park Kwan-yeol Focuses on Price Stability Ahead of Chuseok
    Gwangju Mayor Park Kwan-yeol Focuses on Price Stability Ahead of Chuseok Gwangju Mayor Park Kwan-yeol stated on September 14, "Ahead of the Chuseok holiday, the largest holiday for our people, we will do our utmost to stabilize prices and alleviate the burden on citizens."He added, "To help citizens feeling the pressure of high prices while preparing for the holiday, we will expand the refund program for Onnuri gift certificates and local currency benefits, and enhance parking convenience at traditional markets."Mayor Park is implementing a comprehensive plan to ease the financial burden on citizens during Chuseok and support the revitalization of traditional markets.From September 16 to 20, a refund event for Onnuri gift certificates will take place at Gyeongan Market for agricultural, livestock, and seafood products.Customers can receive refunds of up to 20,000 won in Onnuri gift certificates based on their purchase amounts by presenting their receipts and identification.During the same period, the discount rate for charging digital Onnuri gift certificates will increase from 7% to 10%, and the monthly purchase limit will rise from 1 million won to 1.2 million won.The Gwangju Love Card will also hold a rewards event from September 14 to October 3, offering an additional 12% refund on purchases, with a maximum benefit of 100,000 won during the event period.Measures have also been put in place to facilitate parking for traditional market visitors.Parking enforcement will be temporarily suspended from September 19 to 27 in the Gyeongan Market and Gonjiam Market areas, and from September 21 to 27 in other no-parking zones.Additionally, from September 21 to 27, public paid parking lots in the Gyeongan Market area, Gwangju Station area, and Gonjiam Station area will be opened for free.However, areas where parking is strictly prohibited, such as near fire hydrants, intersections, bus stops, crosswalks, children's protection zones, and sidewalks, will be excluded from this grace period.Mayor Park will also host a "Chuseok Traditional Market Shopping and Merchant Encouragement Event" on September 17 at 10:30 a.m. in the Gyeongan Market area.The event will include shopping for holiday goods, a campaign for price stability and fire prevention in traditional markets, and free one-on-one tax consultations for citizens and merchants in cooperation with the Korean Tax Association.Citizens preparing for Chuseok are hopeful that these measures will help reduce their shopping costs.In particular, there is a growing interest in the Onnuri gift certificate refunds and expanded benefits of the Gwangju Love Card, with many expressing intentions to shop at traditional markets.Meanwhile, Mayor Park Kwan-yeol expressed hope that the comprehensive measures and shopping event for Chuseok will alleviate the burdens faced by citizens due to high prices and provide tangible support to traditional market businesses, stating, "I hope citizens will prepare for a warm and economical holiday at traditional markets that offer abundant benefits." 2026-09-14 10:48:00
  • AI Adoption in South Korean Companies Reaches 58%, AWS Highlights Challenges Ahead
    AI Adoption in South Korean Companies Reaches 58%, AWS Highlights Challenges Ahead South Korean companies are rapidly increasing their use of artificial intelligence (AI), but a new report indicates that the systems to connect this usage to new business and revenue are still insufficient. While the sophistication of AI utilization is advancing, the establishment of commercialization and performance management systems is lagging. The introduction of self-judging and acting AI agents into corporate systems is amplifying the importance of practical business application and operational capabilities.AWS held a press conference on September 11 at its office in Gangnam, Seoul, to discuss the current state of AI utilization among South Korean companies and the changes that next-generation AI will bring. The report was conducted by global research firm Strand Partners, surveying 1,000 corporate leaders and 1,000 members of the general public in South Korea.Nick Bonstow, a partner at Strand Partners, stated, "The adoption of AI has become a trend in South Korea. The next challenge is how to spread this rapid adoption into a tangible transformation across the economy."According to the report, the AI utilization rate among domestic companies rose from 48% last year to 58% this year, marking a 10 percentage point increase. It is estimated that approximately 624,000 companies have newly adopted AI in the past year. The level of AI utilization has also improved, with the proportion of companies reaching the most advanced stage increasing from 11% to 26% during the same period.While startups (35%) and small to medium-sized enterprises (25%) are leading the advancement of AI utilization, large corporations (9%) are experiencing a relatively slower overall expansion. Only 18% of companies have launched AI-based products and services, indicating a persistent gap between the sophistication of AI utilization and actual commercialization.Strategic planning and performance measurement systems necessary for commercialization were also identified as challenges. Only 27% of companies have an official AI strategy, and 47% reported that they lack reliable methods to measure the return on investment (ROI) from AI. Although the level of AI utilization has rapidly increased, the systems to expand this into new business and validate performance remain relatively inadequate.As the spread of next-generation AI approaches, AWS identified a lack of personnel and data as major challenges. Bonstow explained, "The next wave of AI is coming much faster than before," noting that the availability of people and data is a key constraint compared to companies' willingness to adopt.O Soon-young, a senior solutions architect at AWS, described the structure in which AI agents directly participate in corporate tasks and transactions as the "agent economy." Unlike traditional generative AI, which is primarily used for answering questions or creating documents, agents are utilized to receive goals, plan, and handle actual tasks using necessary tools.O stated, "AI will not just be a tool; it will become a new economic entity." He explained that AI could expand its role from merely assisting with tasks to making decisions and conducting transactions based on objectives and budgets.In the agent era, the criteria for assessing the economic viability of AI are expected to change. AWS believes that business viability should be evaluated based on the "cost per completed outcome," which includes inference costs, data and API usage fees, failure and retry costs, as well as human review and security and audit expenses.Allianz Technology has divided its insurance claim processing into seven specialized agents, reducing the processing time from about 100 days to 20 days. This is cited as an example of how multi-agent-based task automation can lead to actual operational efficiency.With the expansion of agent utilization, establishing a control system within companies has also been identified as a challenge. AWS emphasized the need to predefine the scope of tasks assigned to agents, their decision-making authority, and accountability for outcomes. O presented the key principles for the agent era as "purpose, authority, and responsibility," stressing that "clarity of direction is more important than the speed of technology."* This article has been translated by AI. 2026-09-14 10:48:00
  • Kim Seung-won Addresses Allegations Ahead of Confirmation Hearing
    Kim Seung-won Addresses Allegations Ahead of Confirmation Hearing Kim Seung-won, the nominee for Minister of Justice, stated on September 14 that he will address various allegations surrounding him during the upcoming confirmation hearing. Arriving at the preparation office for the hearing in the Jeoksun Hyundai Building in Jongno, Seoul, around 8 a.m., Kim said, "I will do my best to prepare for the hearing today." He expressed gratitude to those who offered condolences for the passing of a close family member, adding, "I hope the experience I have gained over 30 years as a legal professional, including as a judge and a member of the police human rights committee, will be valuable in establishing a new criminal justice system. I will do my best for the people." Regarding the allegations of lobbying related to the approval of Genensel's COVID-19 treatment clinical trials, he responded, "I will explain everything tomorrow." He also refrained from commenting on the police investigation into the related allegations, stating, "I will provide a detailed response tomorrow." When asked if he had considered resigning following the departure of Yong Hye-in from her position as Minister of Gender Equality and Family, he said, "This is not the right time to discuss that." He did not respond to concerns that the hearing could be ineffective due to the failure to select witnesses. On his way to work, some YouTubers demanded explanations and apologies regarding the Genensel clinical trial allegations, but Kim did not respond and entered the office. The National Assembly's Legislative and Judiciary Committee will hold the confirmation hearing for Kim on September 15, where key issues such as the lobbying allegations, collusion with current district judges, and favoritism related to the Family Cooperative are expected to be discussed.* This article has been translated by AI. 2026-09-14 10:48:00