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Kang Hoon-sik Inspects National Crisis Management Center Amid Heavy Rain Kang Hoon-sik, the Chief of Staff to the President, visited the National Crisis Management Center on July 8 to assess preparations for heavy rainfall. He stated, "Even while the President is away on a trip, we will do our utmost to protect the lives and safety of the people."Kang posted on X (formerly Twitter) around noon, saying, "I visited the National Crisis Management Center today to check on preparations for the heavy rain. The government will be thoroughly prepared to respond without gaps to the changing climate and weather conditions."He also urged staff to remain vigilant, saying, "I asked them to closely monitor the weather situation from this evening until tomorrow and to be fully prepared to respond immediately to any situation that may arise."Kang emphasized to the head of the National Crisis Management Center the importance of reporting any incidents immediately, regardless of time or location. He reiterated, "Even while the President is away, we will remain vigilant and do our best to protect the lives and safety of the people."He also appealed to the public, urging them to avoid riverbanks, underground spaces, and low-lying areas during periods of heavy rain, and to regularly check weather updates and disaster alerts to prioritize safety.The government forecasts that up to 200 millimeters of rain will fall in the central region and Honam area until July 9.* This article has been translated by AI. 2026-07-08 14:28:00 -
Toss Bank Slows Down 'Business Owner Loans' Amid Stability Management As internet-only banks accelerate financial support for self-employed individuals and small business owners, Toss Bank is experiencing a slowdown. The bank appears to be adjusting its pace due to increased delinquency rates stemming from its aggressive expansion of credit-focused personal business loans in its early days.According to the financial sector on July 8, the total corporate loan balance of three internet-only banks reached 7.5296 trillion won at the end of the first quarter of this year, a 50% increase compared to 5.206 trillion won in the same period last year. Currently, corporate loans from internet-only banks are primarily focused on personal business loans, which are considered a key area for inclusive finance that enhances access to financial services for self-employed individuals.During this period, Kakao Bank's corporate loans increased by 50.9% to 3.4036 trillion won, while K Bank more than doubled its loans to 2.7529 trillion won.In contrast, Toss Bank's corporate loans decreased by 5.4% over the past year, totaling 1.3731 trillion won. Toss Bank entered the personal business loan market as the first internet-only bank in 2022, rapidly increasing its loan balance to around 1.8 trillion won in the first half of the following year, but it has since seen a decline. Although there was a rebound at the end of last year, the trend has reversed again this year.The slowdown in Toss Bank's personal business loan growth is attributed to relatively high delinquency rates. Analysts suggest that the portfolio formed during the bank's initial aggressive expansion of personal business credit loans is impacting current delinquency rates.Indeed, Toss Bank's corporate loan delinquency rate was 3.33% in the first quarter of last year and has gradually improved, but it still stood at 2.11% in the first quarter of this year, significantly higher than Kakao Bank's 1.40% and K Bank's 0.55%. This rate is more than double that of Toss Bank's household loan delinquency rate of 0.97%.In response, Toss Bank is diversifying its asset portfolio by increasing the proportion of guaranteed loans. As of the first quarter of this year, guaranteed loans accounted for 38% of Toss Bank's personal business loans, up 13 percentage points from 25% in the same period last year.However, there are still limitations in expanding a guarantee and collateral-based portfolio, as the bank currently lacks secured products like real estate-backed loans. In contrast, the proportion of guaranteed and collateralized loans in Kakao Bank's personal business loans is nearing 70%.A Toss Bank official stated, "Rather than reducing the scale of personal business loans, we are restructuring our loan portfolio to balance credit and guarantees. We plan to continuously expand guarantee-based products to maintain a balance between soundness and growth." 2026-07-08 14:24:00
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Dongwha Pharmaceutical and Labor Union Announce Cooperation Declaration Dongwha Pharmaceutical and its labor union have announced a declaration of cooperation aimed at fostering mutual growth and collaboration. Both parties emphasized the importance of prioritizing customer value while strengthening trust and communication to establish a foundation for sustainable growth.On July 8, Dongwha Pharmaceutical and its labor union revealed their declaration, which seeks to enhance mutual trust and cooperation while promoting sustainable growth. The initiative is designed to create a progressive labor-management relationship based on trust, consideration, and communication, with a focus on customer value as the top priority.Both sides agreed to reflect the opinions of employees in management decisions based on mutual respect and open communication, fostering a corporate culture where employees grow together. The labor union committed to actively participating in the company's growth through dialogue and collaboration, while also working to continuously develop a culture of labor-management harmony. Management pledged to respect the value of labor and work towards the company's growth and development, promising to share the results with employees.Dongwha Pharmaceutical and its labor union plan to actively collaborate on global business expansion and diversification, following the establishment of a new headquarters at the site of the company's founding in 1897, which marked the beginning of a third phase of growth. The company has maintained over 50 years of non-conflict negotiations since the labor union was founded in 1975.Yoon In-ho and Yoo Jun-ha, co-CEOs of Dongwha Pharmaceutical, stated, "The continuous growth of the company starts with the trust and cooperation of all employees. We will closely communicate with the labor union to create a workplace where members feel pride and happiness."Meanwhile, Dongwha Pharmaceutical reported a consolidated revenue of 130.6 billion won in the first quarter of this year, a 3.9% increase compared to the same period last year. Operating profit for the same period reached 11.2 billion won, up 394.8%.* This article has been translated by AI. 2026-07-08 14:24:00
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Drone and UAM Technologies to Showcase at Expo in Songdo The '2026 Korea Drone and UAM Expo' will take place in Songdo, Incheon, showcasing drone and urban air mobility (UAM) technologies.The Ministry of Land, Infrastructure and Transport and Incheon Metropolitan City announced on July 8 that the sixth edition of the '2026 Korea Drone and UAM Expo' will be held from July 15 to 17 at the Incheon Songdo Convensia.This expo is a leading domestic event that presents the future applications of drones and UAM in logistics, transportation, safety, and leisure. It will feature industrial exhibitions, international conferences, a drone light show, a drone soccer tournament, and a UAM showcase.On the morning of the first day, July 15, a public flight demonstration of the 'K-UAM Air Taxi' will take place before the opening ceremony. This demonstration will showcase a UAM vehicle developed by a domestic company, highlighting its potential for public services such as emergency medical response and disaster management.The opening ceremony will include a theme video depicting the future daily life shaped by drones and UAM, a presentation of strategies for promoting drones and UAM, a VR drawing ceremony, and the kickoff of the international drone soccer tournament.During the expo, the '2026 FIDA Intercontinental Cup' international drone soccer tournament will also be held, featuring participation from over 20 countries in various competitions, including national and club matches, as well as a super pilot all-star event.The K-Drone Festival will take place at Songdo Moonlight Festival Park. On the evenings of July 15 and 17, a drone light show themed 'A Future City Where Our Imagination Comes to Life' will illuminate the night sky with thousands of drones. On July 17, a special event will allow 60 selected citizens to experience drone delivery of chicken and beverages.At the Incheon Songdo Convensia exhibition hall, 137 companies and organizations, including Korean Air, Pablo, UbiFly, and Narma, will participate, showcasing drone and UAM-related technologies, policies, and service models.The exhibition will feature a UAM integrated hall, a drone company hall, a public innovation hall, a future aviation policy hall, an international drone exhibition hall, and a drone experience hall. In the UAM integrated hall, visitors can sequentially experience the process of becoming a UAM passenger in 2028, including booking, security checks, traffic control systems, vertiport takeoffs and landings, and simulator experiences.The drone company hall will showcase commercial services such as medium and large unmanned aerial vehicles, transport drones, high-performance batteries for drones, swarm flying vehicles, AI autonomous flight technology, and logistics, inspection, and light show services. The public innovation hall will present cases of drone applications in public sectors, including wildfire monitoring and response, landslide damage assessment, and facility inspections.A global conference will also be held during the expo, featuring 36 overseas speakers from 13 countries, including the United States, Germany, Japan, and China, discussing global trends in the drone industry, future visions, strategies for entering global markets, and changes in policy, investment, and regulatory environments.Additionally, the Drone Industry Alliance General Assembly, the 20th UAM Team Korea working-level meeting, the UAM Olympiad technology seminar, and the fourth public briefing for the special drone-free zone will take place. An international conference linked to Incheon’s K-UAM Confex, business meetings, and global company pitches will also be organized.The drone and UAM industries are moving beyond technology validation to the commercialization stage of logistics, safety, and transportation services, making this expo a pivotal opportunity for expanding the industrial ecosystem through citizen engagement and corporate exhibitions.Hong Ji-sun, the Second Vice Minister of the Ministry of Land, Infrastructure and Transport, stated, “Drones and UAM are key technologies that will change the daily lives of citizens and open new possibilities for future industries. We expect that this expo will allow the public to directly see and experience the excellent technological capabilities and applications of our drone and UAM industries.”* This article has been translated by AI. 2026-07-08 14:20:00
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KB Financial Group Opens Jeonbuk KB Financial Town to Build Asset Management Hub KB Financial Group has launched the 'Jeonbuk KB Financial Town' in Jeonbuk Innovation City, aiming to establish a regional financial ecosystem. The initiative will enhance asset management functions in collaboration with the National Pension Service and develop a support hub for businesses.On July 8, KB Financial held an opening ceremony for the Jeonbuk KB Financial Town, attended by Minister of Land, Infrastructure and Transport Kim Yun-deok, Jeonbuk Special Self-Governing Province Governor Lee Won-taek, National Pension Service Chairman Kim Sung-joo, Jeonju Mayor Jo Ji-hoon, and KB Financial Group Chairman Yang Jong-hee.The Jeonbuk KB Financial Town will house major affiliates, including KB Kookmin Bank, KB Securities, KB Insurance, and KB Asset Management, supporting asset management operations linked to the National Pension Service. Approximately 350 KB Financial Group employees, including 150 local hires, will be based in Jeonbuk Innovation City.KB Financial will operate various facilities to create a finance-centered ecosystem, including the KB Asset Management Jeonju Office, KB Securities Jeonju CIB Center, a combined bank and securities branch, KB Golden Life Center, KB Hope Finance Center, and an AI-based non-face-to-face asset management consulting center.To support small businesses and youth entrepreneurship, KB Financial plans to expand collaboration and investment through the 'KB Innovation Hub,' a startup nurturing platform. The goal is to foster a virtuous cycle of continuous job creation and new industries while actively supporting the growth of innovative companies.Yang Jong-hee, Chairman of KB Financial Group, stated, "The Jeonbuk KB Financial Town is the starting point for a specialized asset management ecosystem where finance, industry, and the region grow together, centered around the National Pension Service. We will continue to create an environment where youth, small businesses, and innovative companies can thrive, contributing to regional economic revitalization and balanced national development." 2026-07-08 14:20:00
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President Lee's Approval Rating Rises to 54.7% Amid Mega Project Hopes President Lee Jae-myung's approval rating has increased to 54.7%, a rise of 7 percentage points from the previous survey, according to a recent poll. While support for the Democratic Party has grown, the People Power Party has seen an 8.2 percentage point decline. The Korea Social Opinion Institute (KSOI) conducted the survey from July 6 to 7, polling 1,002 adults aged 18 and older, with results released on July 8. The approval rating for President Lee stands at 54.7%, while disapproval is at 40.9%. Compared to the last survey, the approval rating rose by 7.0 percentage points, and disapproval fell by 7.3 percentage points. The primary reason for the positive evaluation was 'economic recovery' at 27.7%, followed by 'diplomacy and security' at 13.6%, 'welfare and labor' at 8.7%, 'national unity' at 5.4%, and 'crackdown on insurrectionist forces' at 5.2%. Conversely, the main reason for disapproval was 'crackdown on insurrectionist forces' at 20.9%, followed by 'national unity' at 15.6%. In terms of party support, the Democratic Party recorded 45.0%, while the People Power Party stood at 29.1%. Other parties included the Justice Party at 2.7%, the Progressive Party at 1.9%, the Reform Party at 1.6%, and other parties at 2.3%. Additionally, 16.1% of respondents indicated they did not support any party, and 1.4% were unsure. Compared to the previous survey, the Democratic Party's support increased by 5.4 percentage points, while the People Power Party's support decreased by 8.2 percentage points. This survey was conducted using an automated response system via mobile phones, with a response rate of 5.6%. The margin of error is ±3.1 percentage points at a 95% confidence level. More details can be found on the website of the National Election Survey Deliberation Commission.* This article has been translated by AI. 2026-07-08 14:12:00
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Current Account Surplus Surpasses Last Year's Total in May In May, South Korea's current account surplus exceeded $38.6 billion, setting a new record. This figure surpassed the previous record set in March by just two months and has already exceeded last year's total surplus for the first five months of the year. The strong performance in exports, particularly in semiconductors, suggests that the annual current account surplus could exceed the Bank of Korea's forecast of $250 billion.According to provisional statistics released by the Bank of Korea on July 8, the current account surplus for May was recorded at $38.61 billion, marking the largest monthly surplus on record. This figure surpassed the previous high of $37.93 billion set in March. The cumulative current account surplus from January to May reached $141.28 billion, already exceeding last year's total surplus of $123.05 billion.Yoo Sung-wook, head of the Bank of Korea's financial statistics department, stated, "We initially projected a current account surplus of $151.5 billion for the first half of the year, but based on the results through May, it is likely to exceed that estimate. We also expect the annual surplus to surpass the previous forecast of $250 billion." He added that exports in June, driven by semiconductors, exceeded $100 billion, maintaining a high level, and that the current account for June is expected to show a surplus of around $40 billion.By category, the goods balance recorded a surplus of $37.86 billion, the largest ever. Exports of goods reached $94.34 billion, a 62.9% increase compared to the same period last year. Notably, exports of information technology (IT) products surged by 128.9%, with computers and peripherals increasing by 249.4% and semiconductors by 167.7%. Non-IT products also saw a 10.0% increase, led by petroleum products (49.1%) and chemical products (11.0%).While the services balance recorded a deficit of $1.09 billion, the shortfall was significantly reduced compared to May of last year (-$2.56 billion) and the previous month (-$2.42 billion). The travel balance turned to a surplus of $50 million as the number of inbound travelers increased by 19.4% year-on-year. The primary income balance shifted from a deficit of $2.53 billion in April to a surplus of $2.17 billion in May, as seasonal factors related to dividend payments were resolved. The dividend income balance also improved from a deficit of $3.02 billion to a surplus of $1.15 billion.The financial account recorded a net increase of $31.08 billion, marking the second-largest increase on record. Direct investment saw an increase of $4.56 billion in domestic investments abroad and $2.69 billion in foreign investments in South Korea.In securities investment, domestic investments abroad increased by $6.24 billion, primarily in stocks, while foreign investments in South Korean stocks decreased by $24.65 billion. Notably, foreign investment in domestic stocks recorded a net outflow of $31.05 billion, the largest decrease on record, attributed to profit-taking sales amid rising domestic stock prices. Conversely, foreign investment in debt securities increased by $6.4 billion, supported by inflows into funds tracking the World Government Bond Index (WGBI).* This article has been translated by AI. 2026-07-08 14:12:00
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Incoming US ambassador to arrive in Seoul soon SEOUL, July 8 (AJP) - Incoming U.S. Ambassador to South Korea Michelle Steel is expected to arrive in Seoul soon after completing the confirmation process in Washington. In a post on X, formerly Twitter, on Wednesday, the U.S. Embassy in Seoul said Steel is "scheduled to arrive in Seoul soon and looks forward to further strengthening the relationship between our two countries." "I am so honored to serve as the next U.S. ambassador to South Korea," Steel said in a separate video message posted by the embassy, speaking in both English and Korean. "I'm just looking forward to meeting you all." Steel was recently confirmed by the U.S. Senate and also received South Korea's agrément, the host country's formal approval of a foreign ambassador, clearing the way for her to take up the post in Seoul. She will be the second Korean American to serve in the role, after Sung Kim, who held it from 2011 to 2014. The post has been vacant since January last year, when Philip Goldberg, who was appointed under former President Joe Biden, left the job. Before her appointment, Steel served as a Republican member of the U.S. House of Representatives from 2021 to 2025. Steel, who was born in Seoul in 1955 and immigrated to the U.S. in 1975, earned a bachelor's degree in business administration from Pepperdine University and an MBA from the University of Southern California. She has two children and four grandchildren with her husband Shawn Steel. 2026-07-08 14:11:16 -
SSG.com Launches Two-Hour Delivery Service from Emart Stores SSG.com is introducing a 'two-hour delivery' service utilizing Emart stores as logistics hubs. This new service adds immediacy to the existing scheduled delivery options, aiming to attract online grocery shoppers. Starting July 9, SSG.com will pilot the two-hour delivery service for customers in the vicinity of Emart Yangjae and Hanam stores, the company announced on July 8. Customers in the service area can access the SSG.com app to see a notification for 'delivery available within two hours' on the main screen and order form. The service is designed to complete deliveries within two hours of ordering, provided the order is placed by 8 p.m. Existing scheduled delivery options, where customers can specify their preferred date and time, will remain available. The plan is to operate both immediate and scheduled deliveries to meet varying shopping demands. Perishable and frozen items will be dispatched directly from Emart stores in specialized cooling bags. The free delivery threshold remains the same as the existing service, requiring orders of 40,000 won or more. Members of the SSG7 Club can earn 7% of their purchase amount in SSG Money for SSG.com orders. After launching the service at the Yangjae and Hanam locations this month, SSG.com plans to expand to major stores in Seoul, including Wolgye, Garden 5, and Sindorim, next month. By September, the service will be rolled out nationwide, with plans to implement two-hour delivery at over 50 Emart locations by the end of the year. This year, SSG.com has been working on refining its delivery services. In January, it expanded its 'Quick Delivery' service, which delivers within approximately one hour within a three-kilometer radius of Emart stores, to 70 locations nationwide, with plans to increase that number to 90 by the end of the first half of the year. Han Geon-soo, head of SCM at SSG.com, stated, "We are building a delivery system based on Emart's store infrastructure to quickly deliver the freshest products at the time customers want them. We will continue to enhance delivery speed and convenience to innovate the online grocery shopping experience." 2026-07-08 14:08:00
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Rising Progressive Support for Growth Over Distribution in South Korea The results of the "2025 Social Integration Survey" released by the Korea Institute of Public Administration on July 7 present a complex and serious challenge for South Korean society. According to the survey, the most significant social conflict perceived by the public is the ideological divide between conservatives and progressives, scoring 3.2 out of 4, which is the highest among various conflicts. This figure surpasses class conflict (2.9) and labor-management conflict (2.8). Interestingly, the percentage of respondents identifying as progressive has increased by 2.7 percentage points to 27.1%, while those identifying as conservative has decreased to 29.6%. Although the political landscape has shifted toward progressivism, the response indicating that "growth is important" has risen to 30.3%, while the belief that "distribution is important" has dropped by 5.4 percentage points to 31.2% over the past year. This indicates a paradoxical trend where those with progressive leanings are opting for pragmatic growth policies in economic matters.This divergence between ideological leanings and economic demands is attributed to the current severe social and structural crisis. As the global economic downturn, high inflation, and rising interest rates become more pronounced, a survival instinct is spreading, suggesting that "the pie to be shared may disappear." In the past, the progressive camp's core principle was to resolve polarization through welfare and distribution. However, with increasing youth unemployment and sluggish domestic demand, there is a growing belief that the economy must first expand to create jobs and secure welfare funding, leading to a pragmatic prioritization of growth.Ironically, this economic survival crisis is further deepening ideological conflicts. The extreme opposition between conservatives and progressives in South Korea has long transcended mere policy differences. In the political arena, efforts to maximize the interests of respective factions have led to the demonization of opposing sides, with media, YouTube, and social media amplifying this political polarization. The resulting ideological conflict, devoid of dialogue and compromise, is undermining the social capital of trust and causing critical structural reform tasks related to pensions, labor, and education to drift. If this conflict continues, the ladder of social mobility will be severed amid low growth, leading to a fragmented society where mutual animosity deepens.Ultimately, the solution lies in establishing a "virtuous growth model" where the warmth of growth leads to distribution, and distribution, in turn, becomes a driving force for growth. It is time to move beyond the binary ideological framework of conservatism and progressivism. The government and political sphere must transition to a practical policy paradigm that harmoniously incorporates the public sentiment revealed in this survey, namely the dual demands for "securing future growth through growth" and "building a social safety net." Sustainable growth must be pursued while ensuring that no marginalized groups are left behind in the process of inclusive growth.Furthermore, the ultimate goal for South Korean society should be the restoration of a community of social integration and solidarity. To bridge the gaps of conflict, institutional innovation in the political sphere is essential, as well as fostering a social tolerance that recognizes differing opinions as "different choices" rather than "wrong thoughts." Only when fragmented individuals unite for common prosperity can we hope for a sustainable future. Now, as a social consensus on the necessity of growth to expand the pie is forming, it is the right time to move beyond ideological confrontation toward coexistence and integration in South Korea.* This article has been translated by AI. 2026-07-08 14:08:00