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K-FINCO Expands Support for Middle East Risk Mitigation, Reduces Guarantee Fees In response to the prolonged geopolitical risks in the Middle East, K-FINCO Construction Mutual Aid Association is expanding its support for members, which includes reducing guarantee fees, providing special loans, and offering legal assistance. K-FINCO announced on July 6 that it is implementing comprehensive support measures in the areas of finance, law, and risk management through its 'Middle East War Crisis Response Task Force (TF)' to address the ongoing threat of war in the region. Since launching the TF in May, the association has been assessing major risk factors that member companies may face, including rising raw material prices, supply chain instability, delays in construction cost settlements, increasing interest rates, and potential disputes related to overseas guarantees. In the financial support sector, K-FINCO is collaborating with the Ministry of Land, Infrastructure and Transport to offer a 10% discount on guarantee fees for construction equipment rental payment guarantees and subcontractor payment guarantees, and a 30% discount on contract guarantees and performance bond extension guarantees. The association has provided approximately 600 million won in financial support through the reduction of guarantee fees and is currently supporting a total of 266.3 billion won through its 'Construction Stability Special Loan' program. Legal support is also being provided. K-FINCO held on-site legal support briefings for member companies in Daejeon in April and Daegu in June, with plans to continue regional briefings in the second half of the year. A tailored training program will also be offered to member companies utilizing overseas guarantees, covering overseas construction claim cases, key issues, and response strategies. Additionally, on-site management support is being expanded. The association is monitoring the status of material supply and construction cost increases for major member companies and has distributed a contract management response guidebook. It is also assisting with practical responses such as negotiations for construction cost increases, requests for extensions, and adjustments to contract amounts due to price fluctuations. To prepare for rising raw material prices and delays in construction cost settlements, K-FINCO is conducting on-site inspections and supporting claims for construction cost increases, as well as preventing unjust contract terminations. For member companies facing significant burdens due to rising interest rates, K-FINCO has established a monitoring system to assess quarterly financial conditions based on debt ratios, liquidity, and business performance. The impact of macroeconomic variables such as interest rates and exchange rates on assets and guarantee portfolios is also regularly evaluated. Lee Eun-jae, the chairman of K-FINCO, stated, "If external risks from the Middle East persist, member companies may face increased burdens through various channels such as raw material prices, financial costs, construction cost settlements, and overseas guarantee disputes. We will closely monitor the on-site situations of our members and continue to provide support in finance, law, and risk management to help stabilize their operations." Meanwhile, K-FINCO announced on June 30 that it had held a '2026 Budget Execution Performance Review Meeting' at its headquarters in Dongjak-gu, Seoul, revealing that it had saved approximately 5.4 billion won in budget expenditures as of May this year.* This article has been translated by AI. 2026-07-10 15:24:00
KB Financial Group and Ministry of Agriculture Expand Voice Phishing Prevention Education for Rural Seniors KB Financial Group is expanding its voice phishing prevention education for seniors in rural areas in collaboration with the Ministry of Agriculture, Food and Rural Affairs. The program, titled 'Visiting Voice Phishing Prevention Education Season 2,' will be conducted in 15 rural regions across the country, up from five regions last year. This initiative is a public-private-academic partnership that combines the Ministry's university student rural talent-sharing activities with KB Financial's financial fraud prevention education and the 'KB Good Food Truck' program. The education began on July 9 in Gumi, North Gyeongsang Province, and will be rolled out sequentially in rural areas nationwide. University volunteers will provide voice phishing prevention education to rural residents. They will also engage in talent-sharing activities, including basic health check-ups, traditional medicine consultations, cultural and artistic experiences, and mural painting. KB Financial will supply educational materials and operate food trucks on-site to support residents and volunteers. The educational materials include 11 major phishing methods that have seen a rise in recent incidents. These methods focus on real-life cases, such as impersonating law enforcement or government officials, loan fraud, impersonating credit card companies, kidnapping threats, and smishing using text messages. The program will also guide participants on how to respond to suspicious calls or messages. Residents will be instructed to hang up immediately and report any suspected fraud to the unified reporting number for telecommunications and financial fraud, '1394.' This number signifies 'people (4) who save (9) daily (13).' A KB Financial representative stated, "As voice phishing schemes become increasingly sophisticated, it is crucial to prevent harm to the rural elderly, who have limited access to financial safety information. We will continue to provide financial safety education by visiting local communities in partnership with the Ministry of Agriculture." * This article has been translated by AI. 2026-07-10 15:24:00
NCT's Jaehyun drops new solo single SEOUL, July 10 (AJP) - K-pop boy group NCT's Jaehyun has released his new solo single "99 Degrees," his management agency SM Entertainment said on Friday. The single, a ballad that Jaehyun helped write and compose around the idea that love can make an incomplete person feel whole, will also be released on major global music-streaming platforms at 6 p.m. here, with its music video available on YouTube. The song opens with a restrained piano line before gradually building into a fuller instrumental arrangement. Near the end, the instrumentation pulls back, leaving Jaehyun's vocals at the center. "99 Degrees," which is one degree below the boiling point, symbolizes an incomplete state. Rather than viewing that missing degree as a flaw, the lyrics use it as a metaphor for finding completeness through another person. The music video follows a similar arc, with Jaehyun revisiting places tied to his memories before letting go of the pressure to be perfect and learning to embrace imperfection as part of moving forward. "I am happy to share '99 Degrees,' a song I worked on with a lot of care," Jaehyun said in a press release. "I hope listeners can also feel the meaning of finding something complete within imperfection," he said. "I hope the song brings a small sense of comfort to Czennies (NCT's fans) and everyone who listens to it. "99 Degrees" marks Jaehyun's first solo release since completing his mandatory military service in May this year. It follows his debut solo album "J" in 2024 which included tracks such as "Forever Only," "Horizon," and "Unconditional." 2026-07-10 15:14:32
Nikkei: South Korea Has Greater Policy Flexibility Than Japan Despite Currency Declines The values of the South Korean won and the Japanese yen have fallen to their lowest levels in decades, but the Nikkei reports that South Korea has greater policy flexibility to respond to this currency weakness than Japan. While the Bank of Korea has left the door open for further interest rate hikes, concerns persist in Japan that the government is trying to restrain the Bank of Japan's ability to raise rates. On July 10, the Nikkei noted that the simultaneous depreciation of the won and yen is driven by common factors, including interest rate differentials with the U.S., capital outflows from domestic markets, and foreign currency earnings not returning to their home countries. The won-dollar exchange rate has recently risen to around 1,500 won, the highest level in nearly 17 years since 2009. The yen-dollar exchange rate has also climbed to the mid-162 yen range, marking its highest point in approximately 39 and a half years. Since the beginning of the year, the won has depreciated by about 4% against the dollar, while the yen has fallen by about 3%. In South Korea, despite a surge in memory semiconductor exports driven by global investments in artificial intelligence (AI), the value of the won continues to weaken. The Nikkei explained that ongoing capital outflows are fueled by the expansion of overseas investments by the National Pension Service and individual investors, along with a trend among companies to retain their dollar earnings from overseas operations rather than converting them to won. According to the Financial Times, major corporations like Samsung Electronics and SK Hynix are increasingly holding their overseas profits in dollars instead of converting them to won. Toru Nishihama, chief economist at Dai-ichi Life Research Institute, stated that South Korean companies find investing in the U.S. and other markets more profitable than the domestic market, which is facing bleak prospects due to a declining population. The rise in the South Korean stock market, which might seem beneficial for the won, is also contributing to its weakness. Goh Ying, a foreign exchange analyst at Nomura Securities, explained that the surge in stock prices has increased the proportion of South Korean stocks in foreign investors' portfolios, leading them to sell stocks to avoid excessive concentration. According to the Financial Supervisory Service, foreign investors have net sold over 100 trillion won worth of South Korean stocks from the beginning of the year until May, marking the largest amount on record. When foreigners convert the proceeds from stock sales into dollars, it increases demand for dollars and contributes to the rise in the exchange rate. In Japan, individual overseas investments are also exerting downward pressure on the yen. The number of people investing in overseas stocks and funds through the NISA tax-exempt investment scheme has been steadily increasing, creating consistent demand for foreign currencies. The Nikkei pointed out that the structural issue of domestic funds flowing abroad and foreign earnings not being converted back into local currency is exacerbating the weakness of both the won and the yen. However, the Nikkei highlighted a clear difference between South Korea and Japan regarding the relationship between government and central bank monetary policy. The South Korean government has not made any significant statements to restrain the Bank of Korea's monetary policy, which is keeping the possibility of further interest rate hikes open. Bank of Korea Governor Rhee Chang-yong stated on July 9 that he believes it is necessary to raise the policy rate at an appropriate time. The next monetary policy committee meeting is scheduled for July 16. In contrast, there is a prevailing view in Japan that the government is attempting to restrain the Bank of Japan from further rate hikes. A draft of the Japanese government's basic policy on economic and fiscal management, released at the end of last month, included a phrase stating that the 'appropriate operation of monetary policy' by the Bank of Japan is 'very important.' This led to interpretations that the Takaiichi government, which is pursuing expansionary fiscal policies, may be trying to put the brakes on interest rate increases. Although the Japanese government later decided to revise that phrase, doubts remain. Takahiro Hori, a senior market economist at Mizuho Bank, predicted that as long as the perception persists that the Takaiichi administration is reluctant to support interest rate hikes by the Bank of Japan, concerns about the central bank's independence could lead to the yen remaining weaker than the won.* This article has been translated by AI. 2026-07-10 15:12:00
President Lee Directs Advance Notice of Key Issues for National Real Estate Forum President Lee Jae-myung announced on July 10 that he will personally preside over a 'Real Estate Forum' on the 23rd, directing relevant ministries and Blue House aides to identify and announce key issues in advance. In a post on X (formerly Twitter), President Lee shared the announcement of the forum's schedule. He highlighted several key issues, including the appropriate holding tax for real estate, whether to differentiate between primary residences and non-residential or multiple properties, and if so, what the appropriate thresholds should be. He also raised questions about how to handle ultra-high-value primary residences, the criteria for additional burdens on such properties, the relationship between holding taxes and transaction taxes, and the intended use of holding tax revenues. “Providing advance notice of key issues will help facilitate public discussion,” he stated, encouraging citizens to share their opinions on these matters. According to the Blue House, from July 14 to 16, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission, and the Ministry of Economy and Finance will hold public discussions on supply, finance, and taxation to gather expert and public opinions. On the 23rd, President Lee will lead the forum to discuss future policy directions based on the feedback gathered from the individual discussions.* This article has been translated by AI. 2026-07-10 15:12:00
Kim Min-seok and Jeong Cheong-rae Clash Ahead of Democratic Party Convention As the Democratic Party prepares for its upcoming convention, former Prime Minister Kim Min-seok and former party leader Jeong Cheong-rae engaged in a heated exchange in Honam, a region critical to the party's fortunes. With the election just a month away, tensions are escalating.On July 10, Kim attended a meeting of the Jeonbuk Provincial Party's executive committee in Jeonju, where he acknowledged the challenges faced during the local elections, stating, "There were painful and conflicting processes during our victory in the June 3 local elections."This comment appears to reference the conflicts that arose during the Jeonbuk gubernatorial primary, particularly the swift expulsion of former Jeonbuk Governor Kim Kwan-young over allegations of bribery, which led him to run as an independent. Additionally, there were protests from lawmakers, including Ahn Ho-young, who lost to Lee Won-taek in the primary, demanding an investigation into allegations of meal expense reimbursements involving Lee. Concerns about the fairness of Lee's treatment, perceived as favoring the pro-Lee faction, have also been raised.Kim emphasized the need for unity, saying, "We must create a future that brings everything together as one," and expressed his commitment to the heavy responsibility of leadership.He further stated, "We cannot engage in self-politics at this time. Everyone must support President Lee to avoid becoming part of the opposition faction." Kim has previously criticized Jeong for pursuing self-political interests during his tenure as party leader.Kim also expressed concerns about the party's future, saying, "While we achieved good results in the last election in Jeonbuk, I worry about whether we can win again. Greater unity is essential for victory."In contrast, Jeong countered, "As far as I remember, we won significantly in Jeonbuk. We elected a regional governor and won in 14 local governments. All provincial council members in our districts were elected."Jeong argued that without internal unity, the party cannot expand externally, stating, "We need to unite supporters of former Presidents Kim Dae-jung, Roh Moo-hyun, Moon Jae-in, and President Lee within the party and seek alliances outside. In the recent local elections, we succeeded through unity and failed through division."He appeared to reference his push for a merger with the Justice Innovation Party, which Kim criticized as a flawed approach. Kim stated on July 8 during an appearance on the YouTube channel 'Kim Eo-jun's Humility is Hard News Factory' that Jeong's merger strategy was a "bombshell declaration that derailed our efforts, stemming from excessive ambition."As the convention approaches, Kim Min-seok, along with lawmakers Song Young-gil, Ko Min-jeong, and former Gangjin County Council Chair Kim Bo-mi, have declared their candidacies. Jeong's announcement is also expected soon.Additionally, there are notable divisions between the pro-Lee and pro-Jeong factions regarding the convention's procedures. The pro-Lee faction has reportedly expressed discontent over the primary schedule starting in Jeong's home region of Chungcheong, while the pro-Jeong faction has criticized the preference voting system and the youth supreme committee structure.The preference voting system allows voters to rank their top three candidates on a single ballot. If a candidate receives a majority in the first round, they are declared the winner; if not, the votes are tallied for the next choices. Some analysts suggest this system may favor the pro-Lee faction.The youth supreme committee involves electing one of five supreme committee members separately, with the same voting rules as for the party leader and supreme committee elections. If there are four or more candidates, a preliminary election is held to select three, with the highest vote-getter winning.Although the preference voting system and youth supreme committee structure were approved by the preparatory committee, they are currently under reconsideration due to pushback from the pro-Jeong faction and are pending in the supreme committee. Acting party leader Han Byeong-do is expected to reach a conclusion on the matter soon, with speculation that the pro-Lee faction may take further action if the proposals are rejected. 2026-07-10 15:08:00
South Korea's New Northern Policy Reinvigorated Through Mongolia Visit President Lee Jae-myung has made a state visit to Mongolia, the first by a South Korean leader in 15 years, resulting in several significant outcomes. The two countries have reached a preliminary agreement on a Comprehensive Economic Partnership Agreement (CEPA), which will allow South Korea to import key minerals from resource-rich Mongolia without tariffs. Additionally, they agreed to explore peace initiatives for the Korean Peninsula through Mongolia, which maintains friendly relations with North Korea. The two nations also plan to increase people-to-people exchanges to 500,000 by 2030, among other notable developments. The economic complementarity between the two countries is substantial. Mongolia is rich in resources such as rare earth elements, copper, and molybdenum, but has a relatively weak industrial base. In contrast, South Korea boasts world-class manufacturing capabilities in semiconductors, batteries, automobiles, and shipbuilding, yet relies heavily on imports for key minerals. This creates an ideal cooperative structure where resources and technology can be combined. However, the outcomes of this summit are not only significant for the bilateral relationship between South Korea and Mongolia. They also represent a crucial turning point for revitalizing the New Northern Policy, which has seen diminished momentum. National Security Office Director Wi Seok-ryeol stated that discussions were held on strengthening cooperation by linking South Korea's New Northern Policy with Mongolia's Third Neighbor Policy. The Mongolian government has focused on diversifying its economic and security partnerships beyond its two neighbors, Russia and China, through its Third Neighbor diplomacy. This strategy aims to reduce dependence on specific countries by expanding cooperation with democratic nations such as the United States, Japan, the European Union, and South Korea. Suhe Suhbold, Mongolia's ambassador to South Korea, emphasized in a December interview that official documents identify the U.S., Japan, the EU, and South Korea as Mongolia's most important Third Neighbors. This diplomatic approach aligns with President Lee's emphasis on pragmatic diplomacy, suggesting that the state visit could significantly enhance bilateral cooperation. This development also holds important implications for the New Northern Policy. Previously, South Korea's Northern Policy had a relatively high focus on Russia and Central Asia. However, the conditions for implementing this policy have deteriorated due to the Russia-Ukraine war, North Korea's closeness with Russia, and international sanctions. In contrast, Mongolia maintains balanced relations with North Korea, China, Russia, the U.S., Japan, and South Korea, pursuing a pragmatic approach that could serve as a new hub for expanding cooperation with northern countries while mitigating geopolitical risks. Moreover, countries in Central Asia, like Mongolia, share the commonality of possessing abundant resources but lacking a robust industrial base. If economic cooperation between South Korea and Mongolia is successfully established, it could evolve into a model for collaboration that can be extended to other northern countries in Central Asia. President Lee recently expanded the scope of northern diplomacy by meeting with Ukrainian President Volodymyr Zelensky during the NATO summit and now through this state visit to Mongolia, reigniting the New Northern Policy ahead of the first Central Asia summit scheduled in Seoul in September. The key now is to ensure follow-up actions. The agreements reached during this summit on CEPA negotiations, economic cooperation, and expanding people-to-people exchanges must be pursued swiftly by both governments to yield tangible results. Particularly with Mongolia facing a presidential election next year, it is essential to establish a foundation for cooperation that can endure beyond changes in government, involving not just the national government but also businesses, local governments, and civil society. South Korea should not view Mongolia merely as a resource partner. Mongolia is a strategic hub for launching the New Northern Policy and a key partner for achieving both economic security and improving relations with North Korea. It is crucial that this state visit does not become a one-time event but rather serves as a starting point for a new era of northern diplomacy, supported by a well-thought-out follow-up strategy.* This article has been translated by AI. 2026-07-10 15:04:00
Hanssem Partners with Samsung C&T for Customized Interior Services Hanssem announced on July 10 that it has formed a partnership with Samsung C&T's construction division to provide customized services for new residents. Through this collaboration, Hanssem will introduce the 'HomeStyle' service on Samsung C&T's home platform, 'HomeNick,' to assist new residents with their interior design. The service features a 3D virtual reality tour of each apartment's interior using Hanssem's 3D design program, 'Home Planner.' Additionally, customers moving into the Banpo Raemian Trinwon apartments through HomeNick will receive Hanssem furniture at a discount of up to 8%. A Hanssem representative stated, "We will continue to pursue various partnerships and events to help customers conveniently and reasonably decorate their own spaces." Meanwhile, Hanssem announced on July 6 that it will hold a regular discount event, 'July Summer Promotion' and 'Ssem WEEK,' at its online store and offline locations until July 20.* This article has been translated by AI. 2026-07-10 15:04:00
Lee Jun-seok Meets Prime Minister Han Seung-sook, Expresses Concerns Over Media Legislation Lee Jun-seok, leader of the Reform Party, met with newly appointed Prime Minister Han Seung-sook on July 10 to discuss concerns regarding amendments to the Information and Communications Network Act. He stated, "There is growing concern among the younger generation regarding various recent media legislations."During their meeting at the National Assembly, Lee emphasized, "The Reform Party has many members who are young voters, particularly those who are hopeful about IT and new technologies."He referenced the recent issues with the National Election Commission, saying, "I believe that if you demonstrate excellent political coordination skills and work well with both parties, we can restore the trust of the younger generation in South Korea's democracy and politics."Chun Ha-ram, the party's floor leader, remarked, "From our perspective, this government tends to approach issues too ideologically," adding that the proposed abolition of supplementary investigative powers under the so-called prosecutorial reform is causing public inconvenience and damaging the system with high costs.In response, Prime Minister Han stated, "At this time, when we are announcing the AI transformation and three major mega projects, the cooperation of the Reform Party is extremely important." She expressed her willingness to listen to insights gained from communication with young people, stating, "If you provide us with technical knowledge and expertise, we will listen and reflect it in our policies."She acknowledged that while her experience in the corporate sector is an advantage, there may be shortcomings in coordination between the National Assembly and various ministries. However, she aims to leverage her experience in managing the interests and demands of users on online platforms.* This article has been translated by AI. 2026-07-10 15:04:00
Prosecutors Seek 13-Year Sentence for Unification Church Leader Over Corruption Charges Prosecutors have requested a 13-year prison sentence for Han Hak-ja, the leader of the Unification Church, over allegations of collusion with the Yoon Suk Yeol administration.The special prosecutor's team, led by Min Jung-ki, made the request during a sentencing hearing on July 10 at the Seoul Central District Court, presided over by Judge Woo In-seong. They sought a five-year sentence for violations of the Political Fund Law and an additional eight years for other charges.Jeong Won-joo, former chief of staff to the Unification Church leader, faces a proposed 10-year sentence. Yoon Young-ho, former head of the Unification Church's global headquarters, and Lee Shin-hye, former director of the finance department, are facing requests for three and a half years and three years, respectively.The special prosecutor's team characterized Han as the ultimate beneficiary of the religious-political collusion and the final decision-maker in key church operations.They stated, "Han and others conspired to use substantial financial resources to collude with political forces, interfering in elections and politics, which constitutes a serious crime that directly violates the constitutional principle of separating religion and politics and undermines representative democracy."They further emphasized, "Han privatized the material and human resources of the religious organization and engaged in transactions with political power. Despite being a principal actor in all crimes, he denies the allegations and shows no remorse, warranting appropriate accountability."Han is accused of conspiring with Jeong and Yoon to deliver 100 million won in cash to Kwon Seong-dong, a member of the People Power Party, in January 2022, requesting support for the Unification Church from the Yoon administration ahead of the presidential election. He is also charged with splitting 144 million won in Unification Church funds among members of the People Power Party in March and April of the same year.Additionally, he is accused of conspiring with Yoon and others to provide luxury gifts worth 80 million won, including a Chanel bag and a Graff diamond necklace, to Kim Geon-hee, while soliciting support for church issues. Charges of embezzlement for using Unification Church funds to procure political donations and luxury gifts have also been filed against him.Han and Jeong are also accused of instructing Yoon to destroy evidence after obtaining information about an investigation into illegal gambling at a Las Vegas casino.Yoon has been separately indicted for delivering money to Kim and Kwon and was sentenced to 18 months in prison by the Supreme Court the previous day.* This article has been translated by AI. 2026-07-10 15:04:00