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Special Prosecutor Seeks 3-Year Sentence for Park Jong-jun in Evidence Tampering Case The special prosecutor's team investigating the insurrection case has requested a three-year prison sentence for Park Jong-jun, the former head of the Presidential Security Service, who was previously acquitted of charges related to deleting information from a secure phone used by former President Yoon Suk Yeol during a state of emergency on December 3.On July 14, the Seoul High Court's Criminal Division 12-2 held the first hearing in Park's appeal regarding the evidence tampering charges. The special prosecutor's office urged the court to overturn the lower court's ruling and impose a three-year sentence.The prosecution argued that Park was aware that the secure phone contained crucial evidence related to the insurrection and impeachment cases and that he intentionally destroyed it.They explained, "After the declaration of a state of emergency, there were reports of accusations against former President Yoon, and the National Assembly was discussing impeachment proposals, all of which were covered extensively by the media."The prosecution emphasized that the information stored on the secure phone was essential for investigators, stating, "As the highest security official for the president, Park had more investigative experience and information-gathering capabilities than an average citizen, making it clear that he recognized the phone records as key evidence in Yoon's criminal case and impeachment proceedings."In response, Park's defense attorney argued, "The secure phone screen of former National Intelligence Service Deputy Director Hong Jang-won was made public, leading to a security breach regarding the president's secure phone ID, device structure, and model. Park requested security measures from the Security Service and instructed his staff to take appropriate actions."The defense also contested the prosecution's claims of intentional evidence destruction, asserting, "This is not valid. The actions taken were part of fulfilling the duty to maintain security assigned to the head of the Presidential Security Service."Park Jong-jun, speaking in his defense, stated, "Throughout my 30 years in public service, I have always prioritized the law and principles, respecting the opinions of field personnel. In this case, while there may have been haste or short-sightedness in our judgment, I never intended to protect the president unlawfully."The court plans to hold another hearing on August 11 to conduct evidence examination and witness questioning before concluding the arguments.Park is facing trial for allegedly deleting call logs from secure phones used by Yoon, Hong, and former Seoul Police Chief Kim Bong-sik on December 6, 2024, using a remote logout method.Previously, the first trial court ruled, "It is difficult to acknowledge the intent to destroy evidence simply because the actions taken were insufficient or could have been handled better in hindsight," resulting in an acquittal.Additionally, Park was sentenced to four years in prison in a separate case for obstructing the execution of an arrest warrant against former President Yoon, and he was taken into custody following the ruling on July 9.* This article has been translated by AI. 2026-07-14 14:44:00 -
Naver, Kakao, telecoms and startups line up for Korea's free AI project SEOUL, July 14 (AJP) - South Korea's biggest technology names are jostling to join the government's "AI for All" project, a state drive to build a homegrown artificial intelligence service that every citizen can use free of charge, as the contest for a slice of the initiative gathers pace. Kakao and LG Uplus have confirmed their bids, while Naver, SK Telecom and KT are weighing entry, industry sources said on Tuesday. AI startups and mid-sized firms are also sounding out consortium tie-ups, sharpening a fast-forming rivalry. The Ministry of Science and ICT opened the public tender on Sunday, running it through Aug. 11, and plans to pick two to three operators. Winners must launch a nationwide general-purpose AI chatbot within the year, alongside public-service AI agents and specialized offerings. Bidders must build their services on domestic models, using homegrown AI that meets independent foundation-model standards for at least half of the system. Even firms with their own models must draw on rival Korean models for a further 30 percent, while foreign models are permitted only sparingly and excluded from state support. To ease the burden, the government will supply up to 512 of Nvidia's DGX B200 GPUs this year and, from 2027, cover operating costs from the state budget. In return, participants must forge their own revenue streams from the prompt data they accumulate. The lure is clear: low upfront costs, a vast pool of user data that doubles as fuel for model training, and a nationwide reference case prized in future public and corporate markets. Startups such as Upstage, which owns the Solar model, and NC AI, game maker NC's AI arm, are among those circling. Yet the risks run alongside the rewards. The domestic-model quota complicates consortium-building, and GPU support beyond this year, covering 2027 to 2030, hinges on talks between ministries and the National Assembly, leaving medium-term funding uncertain. The ministry aims to select operators next month and roll out the service by year-end after a September beta. 2026-07-14 14:43:50 -
Han Byeong-do Criticizes Jang Dong-hyuk's Call for Special Investigation and By-Election Han Byeong-do, the acting leader of the Democratic Party, criticized Jang Dong-hyuk of the People Power Party on July 14, stating that he is "fostering distrust in the election results by calling for a by-election."During a meeting of lawmakers at the National Assembly, Han remarked, "Denying the entire election outcome without concrete evidence is nothing more than an irresponsible provocation that shakes the foundations of democracy."He added, "The People Power Party's insistence on a special investigation recommended solely by the opposition is merely a shallow ploy to politically exploit the public's right to participate in governance."Han urged the People Power Party to cease its irresponsible claims and cooperate with the third-party recommended special investigation if it truly has any intention to protect the public's right to participate and reform the Election Commission.He emphasized, "The Democratic Party will ensure that the precious votes of the public are never again compromised by incompetence and negligence, and we will fundamentally rectify the election management system."Han also described the recent shortage of ballots as a serious issue that undermined the public's right to participate in elections.Meanwhile, the Democratic Party and the People Power Party are engaged in a tense standoff over the introduction of a special investigation into the Election Commission. The Democratic Party advocates for a third-party recommended special investigation to eliminate political considerations, while the People Power Party insists on launching a special investigation solely recommended by the opposition to thoroughly uncover any collusion between the Democratic Party and the Election Commission.* This article has been translated by AI. 2026-07-14 14:40:00
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Align Partners Proposes Merger Review Between JB Financial and BNK Financial Align Partners Asset Management, a domestic activist fund, has publicly proposed that JB Financial Group and BNK Financial Group officially review the possibility of a merger. The firm sent a shareholder letter to both companies, requesting the establishment of a special committee composed of independent directors to assess the strategic and financial feasibility of the merger, and to respond by August 7 regarding whether they will initiate the review.On July 14, at a press conference in Seoul's Yeouido IFC Hall, Align Partners CEO Lee Chang-hwan stated, "This proposal is not about pushing for an immediate merger, but rather asking both boards to conduct an independent and professional review and transparently disclose the results to all shareholders."Align Partners is urging both companies to form a special committee made up solely of independent outside directors and to appoint global investment banks and strategic consulting firms as advisors to evaluate the merger's feasibility. If they proceed with the review, the firm requested that the results and implementation plans be made public by the time of the third-quarter earnings announcement.Lee cited the structural crisis facing regional banks as the backdrop for the merger proposal. He noted that the ongoing population decline and aging in the Yeongnam and Honam regions, along with the concentration of economic activity in the capital area, have weakened the operational foundations of regional banks. Despite the emergence of internet banks and the transition of iM Bank to a commercial bank, the oligopolistic structure centered on major banks has not significantly changed. He emphasized, "Only the integration of two regional financial groups with complementary business portfolios can ensure the long-term survival of regional banks through a market-driven solution."Lee also pointed out that the proposed merger is not a new concept. He explained, "Just as the banking industry in Korea has evolved through mergers and the transition to financial holding companies following the foreign exchange crisis, this merger represents a growth path that the industry has already taken. It is a solution to address national challenges facing local economies, beyond merely enhancing shareholder value."Align Partners anticipates that if the merger is successful, it would create the largest regional financial holding company in South Korea, with total assets of 234 trillion won. JB Financial Group has a strong presence in the Honam region, while BNK Financial Group operates primarily in the Yeongnam area, resulting in minimal overlap in branches and customers. The combined market capitalization is projected to reach approximately 10.3 trillion won, comparable to that of Kakao Bank. If business synergies are realized, the market capitalization could increase to about 14.5 trillion won, and applying the average valuation of the top four financial holding companies could push it above 20 trillion won.Furthermore, the return on risk-weighted assets (RoRWA) could improve to JB Financial's level of 1.83%, and if selling and administrative expenses, excluding labor costs, are reduced by 10%, the return on equity (ROE) could rise from 9.1% to 12.8%, while the cost-to-income ratio (CIR) could decrease from 45.5% to 38.7%. The proposed 'merger holding company' structure would allow for the maintenance of regional brands while achieving economies of scale. This could lead to reduced funding costs and improved profitability, as well as enhanced investment capabilities in artificial intelligence, expanded research coverage, and inclusion in the MSCI Korea index.Lee also referenced Japan's experience with regional financial group mergers, such as Chiba Bank and Chiba Kogyo Bank, which have undergone similar integrations. He noted, "Japan has faced population decline and aging before us and has policy-supported regional bank mergers. Recently, there have been cases where proposals from activist investors have led to actual management integrations. We must proactively consider merger possibilities before the foundation of our local economies weakens further."He concluded by stating, "Both companies have recently appointed a number of shareholder-nominated outside directors, enhancing the independence and expertise of their boards. Now is the most appropriate time to conduct an objective review through an independent special committee and global advisory firms." 2026-07-14 14:36:00
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Jang Dong-hyuk Criticizes President Lee for Silence on Key Issues Jang Dong-hyuk, leader of the People Power Party, criticized President Lee Jae-myung on July 14 for his silence on pressing issues, including the disappearance of naval personnel and the Jang Yoon-ki case.In a post on his Facebook page, Jang stated, "Politics is about providing answers. As president, one must do their utmost to respond to the public's questions."He specifically called out President Lee, saying, "When the navy was searching for missing personnel, the president did not answer a simple question about whether he was playing golf. If golf took precedence over the lives of soldiers, he is unfit to be the commander-in-chief. He cannot admit, deny, or even respond to this question."Jang also noted, "Despite the fact that citizens were unable to vote due to a lack of ballots, the president has yet to offer a proper apology. He insists on a special investigation to cancel his trial, yet he ignores the public's demand for a special investigation to restore voting rights."Furthermore, he remarked, "When the stock market rises, he boasts about his achievements, but when it crashes, there are no apologies or measures taken. He claimed that real estate was easier than valley maintenance, yet he remains silent amid unprecedented real estate price surges. He promoted the sale of apartments in Bundang but has not provided any updates on whether they sold or not."Jang added, "He made a fuss about sending pizza to the police for catching fake news he disliked, yet he has gone silent on the Jang Yoon-ki case. It’s all about maximum volume when it’s favorable and mute when it’s not. This is the characteristic of Lee Jae-myung and his administration."He concluded, "If a TV breaks down, at least it gets repaired, but the faulty politics of a broken president cannot be fixed. The public's frustration is only rising in this heat."* This article has been translated by AI. 2026-07-14 14:28:00
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Banks Tighten Loan Standards Mid-Year, Confusing Borrowers As banks that aggressively increased lending at the beginning of the year suddenly tighten loan standards in the second half, confusion among borrowers is growing. This 'backward total management' is repeating itself this year as annual household loan targets are being exhausted earlier than expected, leading to a halt in new applications and reduced limits.As of July 9, the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) reported a total household loan balance (excluding policy loans) of 648.36 trillion won, an increase of 3.39 trillion won from the end of last year (644.97 trillion won). This represents 78% of the annual household loan increase target of approximately 4.34 trillion won.Considering the outstanding loan applications yet to be executed, there is a possibility that the loan target will be fully met in July. Already, three of the five major banks have exceeded their targets, and the remaining two are expected to surpass their limits soon, leading to predictions that new applications will be halted after August.This trend has been a recurring issue in recent years. Last year, the household loan increase target for the second half was cut to half of the initial amount set at the beginning of the year due to the June 27 measures, resulting in a sharp increase in loan thresholds after July. In 2024, loan sales were also restricted in conjunction with the implementation of the second phase of the debt service ratio (DSR) stress test in September.The problem is that the burden of such loan management falls squarely on the shoulders of actual borrowers. Those who have already signed housing sale contracts and confirmed payment schedules are now forced to revise their funding plans due to sudden loan regulations. There are numerous cases where loans that were possible at the time of contract become blocked or limited by the time of payment. Changes in policies from financial authorities and banks are reducing predictability, increasing uncertainty in the market.However, there is a general consensus that total management of household debt is unavoidable given the current increase in household debt. If loan supply is excessively expanded, it is difficult to rule out the possibility of household debt rising rapidly again and overheating the housing market. Ultimately, the core of the debate lies not in the necessity of total regulation but in its operational methods.Market participants believe that financial authorities need to enhance predictability in their regulations. There is a need for more sophisticated total management regulations that protect actual borrowers while curbing speculative demand.Some argue for allocating part of the total amount at the time of credit approval rather than at the time of loan execution, or for operating a joint management volume across banks instead of individual bank management. Allocating part of the total amount to first-time homebuyers and existing contract holders for balance loans could also prevent unexpected harm to actual borrowers.A financial industry official stated, "Banks are also in a position where they must meet total management targets, so they have no choice but to sharply reduce loan supply as they approach their limits. Fundamentally, there is a need to design the total management approach more flexibly." 2026-07-14 14:28:00
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Saemaul Geumgo Takes Proactive Steps Ahead of Financial Consumer Protection Law Implementation Saemaul Geumgo has proactively responded to the introduction of the Financial Consumer Protection Law (FCP Law). Ahead of the law's mandatory application, the organization is voluntarily enhancing its systems to build consumer trust.According to the financial sector on July 14, Saemaul Geumgo recently completed a consultation aimed at preparing for the implementation of the FCP Law in the mutual finance sector.Last year, Saemaul Geumgo engaged the law firm Yulchon for consulting on the FCP Law to strengthen consumer protection. Over the past six months, the organization gathered feedback from individual credit unions and relevant departments to assess and improve governance, internal regulations, sales procedures, complaint systems, key performance indicators (KPIs), and training.The FCP Law, which took effect in March 2021, aims to protect the rights of financial consumers. It outlines six key sales principles, including the right to withdraw applications, the right to terminate illegal contracts, compensation for damages, and dispute resolution.Currently, most institutions in the mutual finance sector, excluding credit unions specifically defined in the FCP Law, are not subject to its provisions. However, Saemaul Geumgo explained that it has established relevant systems in anticipation of potential future implementation and to enhance consumer protection.Saemaul Geumgo has developed financial consumer protection guidelines and organized the core sales principles under the FCP Law, including suitability and appropriateness principles and disclosure obligations. It has also revised its advertising review manual and internal control procedures.Additionally, the organization has incorporated consumer rights, such as the right to withdraw applications and the right to access information, into the sales processes for deposits, loans, and insurance products. It has introduced a comprehensive review process during loan assessments to verify repayment capacity and transaction purposes, thereby enhancing the appropriateness of product recommendations.A Saemaul Geumgo official stated, "Regardless of the law's applicability, we will proactively establish a consumer protection system to enhance trust among financial consumers." 2026-07-14 14:28:00
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Princess Anne of the British Royal Family Visits HD Hyundai Heavy Industries Princess Anne of the British Royal Family visited HD Hyundai Heavy Industries during her trip to South Korea. She inspected the company's shipbuilding capabilities and discussed ways to enhance cooperation between South Korea and the UK.On July 14, HD Hyundai Heavy Industries reported that Princess Anne, along with Sir Timothy Laurence and Colin Crooks, the British Ambassador to South Korea, visited the company's headquarters in Ulsan.During the visit, Jeong Gi-seon, Chairman of HD Hyundai, and other executives, including Vice Chairman Lee Sang-kyun and President Joo Won-ho, welcomed Princess Anne and presented the company's world-class shipbuilding technology and competitiveness. They exchanged views on cooperation in the shipbuilding and marine industries between South Korea and the UK.This visit comes as the British government promotes the development of its shipbuilding and marine industries. Princess Anne toured the shipbuilding and special vessel construction sites and the engine plant at HD Hyundai Heavy Industries, where she learned about the company's shipbuilding technology and the status of collaborations with British defense firms such as Rolls-Royce and Babcock.Rolls-Royce has maintained a steady partnership with HD Hyundai Heavy Industries since 2012, when it began collaborating on the South Korean Navy's frigate project. Rolls-Royce supplies the core propulsion equipment, the MT30 gas turbine, while HD Hyundai integrates and supplies it as a propulsion package. This solution is also applied to the South Korean Navy's next-generation frigates.Babcock has been supplying survival equipment for ship crews and has been associated with HD Hyundai Heavy Industries since 2013, following the delivery of rescue equipment for submarines. Many Babcock products are being used in vessels, including the Philippine offshore patrol vessel currently under construction by HD Hyundai Heavy Industries.During the meeting, Chairman Jeong stated, "The UK is not just a partner but a special ally that has been with HD Hyundai since its inception. Based on our top-notch technology and shipbuilding capabilities, we will contribute to the development of the UK’s shipbuilding and marine industry."Meanwhile, HD Hyundai is accelerating the diversification of its future ship portfolio, including expanding the types of vessels that can utilize small modular reactor (SMR) propulsion. 2026-07-14 14:24:00
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New rooftop garden to open in Gwanghwamun by year's end SEOUL, July 14 (AJP) - The rooftop of the Sejong Center for the Performing Arts will open to the public by the end of this year, offering panoramic views of Gwanghwamun Square in central Seoul, the Seoul Metropolitan Government said on Tuesday. The city government said it has obtained building permits for the center's rooftop garden and an exterior elevator, with construction set to begin in September. It said the rooftop garden will be open to everyone, featuring rest areas, a café and an observation deck, with an exterior elevator providing easier access for people with disabilities, tourists and other visitors. Once completed, the rooftop garden is expected to become a new landmark and popular destination overlooking Gwanghwamun Square, with spectacular views of historic Gyeongbokgung Palace, Mt. Bugaksan and other nearby areas. The project follows the recent opening of a similar rooftop space at Seoul City Hall, where visitors can overlook the capital and Deoksugung Palace. "It will be a new spot where Seoul residents can rest and enjoy culture in everyday life," said Ahn Dae-hee, a city official, vowing that the city will push the project forward so it can open to the public within this year. 2026-07-14 14:23:01 -
South Korea's Largest Water Fight Festival Returns This Summer This summer, South Korea's representative summer festival will kick off in Jangheung, South Jeolla Province. Jangheung County announced on July 14 that the 19th Jeongnamjin Jangheung Water Festival will take place from July 25 to August 2 at the Tanjin River waterfront park, the cypress forest woodland, and the Papillon ZIP area. This year's festival, themed 'Water and Forest - Rest,' aims to welcome visitors with upgraded programs.The festival will officially begin with the 'Colorful Water Splash Parade' at 1 p.m. on July 25. Starting from the Jangheung Community Center, the parade will travel along Central Road to the festival site. This year's parade features a blend of storytelling and traditional cultures from around the world, showcasing African percussion beats, brass band performances, Hawaiian dance, large avatar puppets, and dynamic color zones, providing exotic sights throughout the streets. At the special stage in front of the Jangheung County Office, an outdoor water party will take place with DJs and dance teams.The festival's signature event, the 'World's Largest Water Fight,' will unfold daily at 2 p.m. across the festival grounds. This year, the water fight area has been significantly expanded, allowing participants to enjoy the festivities in a larger space. Water cannons and water gun battles will continue for 60 minutes on weekdays and 120 minutes on weekends. Notably, this year will see an increase in programs where spectators can participate directly, including team competitions and large volleyball matches.The 'Golden Fish (Giant Eel) Catching' event, which allows participants to experience the Tanjin River firsthand, will take place daily at 3 p.m. from July 25 to August 1. Participants can dive into the river to catch freshwater fish such as eels, catfish, and carp. Additionally, various water leisure activities, including wooden boat rides and thrilling banana and peanut boats, will be available for visitors. A large water slide and a healing waterfall area will also be set up for family-friendly experiences.Nighttime attractions and activities have also been expanded. The 'Water Light ON Zone,' illuminated with scenic lighting, along with the 'Starlight Moonlight Youth Zone' and the nighttime food market 'Jangheung Water Light Night Market,' will create a vibrant atmosphere for summer nights.The festival will feature a notable lineup of performances. On the afternoon of July 31, the 'Jangheung Rock Festival' will showcase top domestic rock bands, including Daybreak, FT Island, Kim Kyung-ho Band, Crack Shot, and Eve. Following that, an EDM party featuring DJ Hyebin, Cheetah, Lee Ha-neul & Jung Jae-yong, and the Bitgoeul Dancers will take place from 7 p.m. to 10 p.m. on August 1.A Jangheung County official stated, 'This year's water festival has been thoroughly prepared to offer both healing and fun,' urging many to participate.* This article has been translated by AI. 2026-07-14 14:20:00